Six 99-unit buildings planned for Jamaica, Queens

The era of 99-unit buildings continues. And it’s coming to Jamaica, Queens.

Ami Weinstock, a relatively unknown local developer, has filed plans for six buildings on 165th Street. Each of them will be 99 units.

The tax abatement program known as 485x, meant to incentivize affordable rentals, has also incentivized buildings with just under 100 units. Sometimes, like in this case, that can mean putting smaller properties on a larger parcel.

“Developers are spending more time trying to figure out how to subdivide the site to create pads on which they could build 99-unit buildings than thinking about anything else,” BKREA’s Bob Knakal told The Real Deal in March.

The addresses are 89-01 to 89-53 on 165th St, between 89th Avenue and Jamaica Avenue. PincusCo first reported the filings.

FBE Limited, associated with the Fruchthandler family, appears to be the owner of the parcels. The firm purchased the development sites in 2022 for $51.5 million. Yehoshua Leib Fruchthandler signed the deed for the buyer. The firm took out a $50 million mortgage from Valley National Bank on the properties that same year. Yehoshua Fructhandler did not immediately respond to a request for comment.

The 485x program doesn’t prohibit larger buildings, but it does make them more expensive to build. Developers get a property tax abatement for including affordable housing units in their projects. But they are also required to pay a $40 per hour minimum construction wage if their building is more than 99 units.

The Fructhandlers recently sold some of their properties, including Manhattan’s 201 2nd Avenue to Targo Capital Partners for $7.9 million in April, as well as a cluster of low-rise Williamsburg buildings on and near Lorimer Street for $40.1 million in December.

The firm owns other properties, mostly in Brooklyn and Queens, including rental buildings at 781 Washington Avenue and 1120 St Johns Place in Crown Heights.

The city is planning a rezoning of Downtown Jamaica to allow for the construction of 12,000 units of housing. The plan is still subject to Council review and approval.