Genting, Cirrus pay $46.1M for dev site in Jamaica

Genting Group’s Resorts World and Cirrus Real Estate Partners through the entity RWNYC Archer Ave LLC paid $46.1 million to Greater Jamaica Development Corporation through the entity Jamaica First Parking, LLC for the specialty building (Z2) at 92-02 165th Street in Jamaica, Queens. The expected use is ground up development.
The deal closed on May 29, 2026 and was recorded on June 5, 2026. The property has 246,174 square feet of built space and 219,816 square feet of additional air rights for a total buildable of 465,948 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $187 and the price per buildable square foot is $98 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Greater Jamaica Development Corporation was Justin K. Rodgers . The signatory for Genting Group and Cirrus Real Estate Partners was Joseph McDonnell . The contract date was October 8, 2025. Announced in 2025 they would build “up to” 50K units of workforce housing.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Genting Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Greater Jamaica Development Corporation had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Jamaica has 246,174 square feet of built space and 219,816 square feet of additional air rights for a total buildable of 465,948 square feet according to a PincusCo analysis of city data. The parcel has frontage of 309 feet and is 273 feet deep with a total lot size of 77,400 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $9.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties and $4,550 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has had very little sales volume relative to other neighborhoods with $296.4 million in sales volume in the last two years. For development, Jamaica has 1.9 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 18 commercial properties representing 725,463 square feet of the 1,000,217 square feet. The largest owner is Solil Management, followed by Faraj Srour and then Modell’S Sporting Goods.
On the tax block, there were three new building construction projects totaling 925,185 square feet. The largest is a 605-unit, 408,273 square-foot residential (R-2) building submitted by BRP Companies and filed by Mary Serafy with plans filed August 7, 2019 and permitted April 25, 2022. The second largest is a 400-unit, 288,320 square-foot residential (R-2) building submitted by BRP Companies and filed by Mary Serafy with plans filed December 9, 2024 and permitted January 30, 2026.

The majority, or 54 percent of the 1 million square feet of built space are elevator buildings, with specialty buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Genting Group owned at least one commercial property in New York City with 2,805,252 square feet and a PincusCo-determined asset value of $1 billion. The portfolio has $1.1 billion in debt, borrowed from Wells Fargo. The portfolio consists of at least a single Q6 property.

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