89-25 and 89-26 162nd St. (highlighted), Jamaica, Queens/ Image provided by Cushman & Wakefield

NEW YORK CITY—General Atlantic Construction in a partnership with multiple investors will be demolishing the property at 89-26 162nd St., where currently a convent stands. They will build on that site in addition to 89-25 162nd St., which now is a parking lot. The property owners will construct a multifamily development with approximately 237,000 buildable square feet.

Lightstone Capital Markets provided a $13.4 million bridge loan for the development. The Cushman & Wakefield equity, debt & structured finance team of Preston Flammang, Jessica Ke and Anthony D'Amelio, with Stephen Preuss in the firm's New York middle markets investment sales team represented Great Atlantic.

89-25 and 89-26 162nd St. are located in Jamaica, Queens, the neighborhood where rapper Nicki Minaj grew up and which honored her with a Key to the City. In a January 2018 article, Curbed pointed to developer Jianfei Chen's 51-unit multifamily project just down the street at 88-56 162nd St. In an article about 15 recent projects in the neighborhood, the publication stated, “[I]t might finally be safe to say that Jamaica, Queens is having its moment.”