178-02 Hillside Avenue, Jamaica Estates, NY 11432
178-02 Hillside Avenue, Jamaica Estates, NY 11432
178th & 179th Streets
Jamaica Estates
Jamaica Estates
421-A Expiration in 2035 | Credit Anchor Tenant & Medical Pavilion
| Neighborhood | Jamaica Estates |
|---|---|
| Zoning Code | R7A / R4-1 / C2-4 |
| Size | 180,249 GSF |
| Stories | 8 + Lower Level |
| Units | 131 |
Investment Highlights:
Meridian Investment Sales is pleased to exclusively present for sale Q-East (the “Property”), an eight-story luxury building located at 178-02 Hillside Avenue in Jamaica Estates, Queens. Completed in 2019, the Property comprises 131 residential units, ground-level retail, lower-level medical office space, and indoor parking within 180,249 gross square feet (GSF). Q-East was developed under a legacy 15-year 421-a tax abatement, which expires on June 30, 2034. The residential units remain rent-stabilized throughout the tax abatement period. During the final five years of the abatement, real estate taxes phase in, during which time the owner is entitled to an additional 2.2% annual rent increase above the applicable Rent Guidelines Board (“RGB”) increase. Upon expiration of the abatement, the Property transitions to a 100% market-rate asset.
LUXURY RESIDENTIAL
The 131 residential units are located on floors three through eight. The units are finished with condominium-quality materials including Frigidaire Gallery Series appliances, Caesarstone counter tops, solid-core wood cabinetry, and spa-inspired bathrooms with Moen fixtures, Kohler sinks, and Toto toilets, offering abundant natural light through oversized windows, open layouts, and, in 34% of the units, private outdoor terraces.
Residents enjoy a full suite of amenities including a part-time doorman (4:00 P.M. – midnight), a fitness center, a landscaped courtyard with grilling stations, a resident lounge with co-working space, a pet play area, smart package lockers, on-site laundry, subscription storage, bike storage and indoor parking on the second floor (99 spaces). This attractive amenity package positions the Property competitively against newer luxury product entering the submarket. The building’s façade combines red and dark gray brick with light gray metal paneling and black metal window framing, delivering a contemporary, Manhattan-style presence uncommon to this stretch of Hillside Avenue.
PRIME CORNER RETAIL
The ground-floor corner retail space is leased to a CVS Pharmacy, which occupies 13,522 square feet under a 25-year lease executed at the commencement of construction. CVS also has exclusive use of a 47-space parking area at grade level and access to a private elevator connecting the ground floor to lower-level storage. The initial lease term expires in 2045 and provides for 10% rent increases every five years throughout the initial term and each of the four five-year renewal options.
MEDICAL PAVILION
Q-East also includes a separately accessed, 21,555 square foot medical pavilion at 88-08 179th Street. The medical entrance on 179th Street is separate from the residential entrance on Hillside Avenue and features a dedicated elevator providing direct access from the ground-floor lobby to the lower-level medical suites, as well as the second-floor parking garage. Current tenants include Lenox Hill Radiology (10,051 square feet), Lucid Dermatology (3,992 square feet), and CVS storage (3,060 square feet), with approximately 7,512 square feet of vacant medical office space available for lease. The long-term leases of these established tenants provide durable commercial cash flow, complementing the fully leased residential component.
Situated directly above the 178th/179th Street F subway station, with the E train providing express service at the same stop, the Property benefits from a 100/100 Transit Score and a 95/100 Walk Score. Multiple local bus lines (Q1, Q2, Q3, Q36, Q46, Q76) run along Hillside Avenue, and both John F. Kennedy International Airport (“JFK”) and LaGuardia airports are within a 15-minute drive. The surrounding neighborhood is composed largely of well-preserved, tree-lined blocks of two-story homes, with active commercial and dining activity concentrated along Hillside Avenue and Parsons Boulevard, offering residents a rare transition between city convenience and suburban quiet. Q-East offers a Manhattan-style luxury residential experience with condominium-quality finishes, an expansive amenity package, and the convenience of on-site retail and medical services, supporting strong tenant demand and long-term occupancy.
Listing Contact Information
