The Municipal Credit Union (MCU) has signed a lease to open a new branch in Jamaica, Queens. The non-profit credit union, which maintains branches throughout the city and serves New York City residents exclusively, secured a 15-year lease for approximately 6,000 square feet of space at 162-15 Jamaica Avenue, a property owned by Michael Rosilio. This was announced by the landlord's broker, Augenbaum Realty.
The advertised rent for the ground floor space in Jamaica's business district was over $100 per square foot, according to the brokerage firm. Josh Augenbaum and Murray Mizrachi of Augenbaum Realty represented the landlord in the transaction, while Jordan Kaplan of CBRE negotiated on behalf of the tenant.
Strategic Expansion in Queens
Augenbaum expressed satisfaction with the lease signing, stating that the owners were pleased to have provided a beautiful, open space in a very busy corridor where the Municipal Credit Union will offer its customers a state-of-the-art banking experience. The choice of this location underscores MCU's strategic expansion to make its services accessible to a wider base in Queens.
The building at 162-15 Jamaica Avenue is experiencing increasing appeal for retailers and service providers. Adjoining spaces were recently leased to an Olgam Life Plasma Donation Centre and a Cold Stone Creamery, whose signage was visible as recently as June, according to Google Street View images. This diversified tenant structure enhances the footfall and attractiveness of the location.
Further Developments in the Building Complex
A Fitness Factory, a 25,000 square foot gym, also signed a lease in the same building at 162-11 Jamaica Avenue. This adjacent property is also owned by the Rosilio family, and the brokerage was again handled by Augenbaum Realty, as reported in July. The Rosilio family acquired the property in November 2024 for $10.5 million from Ruben Azrak, which highlights their long-term investment strategy in this busy district.
