Municipal Credit Union to Open Jamaica, Queens Branch in 15-Year Retail Lease

Municipal Credit Union to Open Jamaica, Queens Branch in 15-Year Retail Lease

Municipal Credit Union (MCU) has committed to a new Queens location, signing a roughly 6,000-square-foot, 15-year lease at 162-15 Jamaica Avenue, a retail property owned by Michael Rosilio in the heart of Jamaica’s business district.

The not-for-profit credit union, which serves New York City residents exclusively and operates branches across the five boroughs, will occupy ground-floor space on the busy Jamaica Avenue corridor. Asking rent for the space exceeded $100 per square foot, according to the landlord’s brokerage.

Josh Augenbaum and Murray Mizrachi of Augenbaum Realty represented ownership in the deal, while Jordan Kaplan of CBRE negotiated for the tenant. CBRE Group, the commercial real estate services firm, saw its shares trade at $140.87 recently, up 2.08% from the prior close of $137.99, with a market capitalization of roughly $42.8 billion.

In a statement, Augenbaum said ownership was glad to offer an open, high-visibility space on a heavily trafficked corridor where MCU plans a modern banking experience for customers.

Building Momentum on Jamaica Avenue

The lease is the latest in a series of retail signings at the property. Adjacent spaces were recently leased to an Olgam Life plasma donation center and a Cold Stone Creamery, whose signage was still visible as recently as June, according to imagery on Google. Separately, a 25,000-square-foot Fitness Factory signed on at 162-11 Jamaica Avenue, a neighboring building also controlled by the Rosilio family and brokered by Augenbaum Realty, as The Real Deal reported in July.

The Rosilio family acquired the property in November 2024, paying $10.5 million to seller Ruben Azrak, and has since worked to fill its retail lineup along one of Queens’ busiest commercial strips.

What to watch

• Timing of the MCU branch build-out and opening date for the Jamaica Avenue location
• Leasing activity across the remaining retail spaces in the Rosilio family’s Jamaica Avenue properties
• CBRE Group’s next quarterly earnings report, which may provide broader context on retail brokerage demand

Source: original release