Municipal Credit Union Signs 6K-SF Lease for New Branch at 162-15 Jamaica Avenue – Commercial Observer
Municipal Credit Union (MCU) has signed a lease to open a new retail branch in Jamaica, Queens, Commercial Observer has learned.
The not-for-profit credit union, which has locations citywide and caters only to New York City residents, signed a 15-year, roughly 6,000-square-foot lease at Michael Rosilio’s 162-15 Jamaica Avenue, according to landlord broker Augenbaum Realty.
Asking rent for the ground-floor space in Jamaica’s business district was more than $100 per square foot, according to the brokerage.
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.
“Ownership is pleased to have provided a beautiful wide-open space on a super busy corridor where Municipal Credit Union will provide their customers with a state of the art banking experience,” Augenbaum said in a statement.
CBRE did not immediately respond to a request for comment.
The adjacent spaces in the building were recently leased to an Olgam Life plasma donation center and a Cold Stone Creamery, which still had signage up as recently as June, Google images show.
A 25,000-square-foot Fitness Factory also signed a lease in the same building at 162-11 Jamaica Avenue, also owned by the Rosilio family and brokered by Augenbaum Realty, The Real Deal reported in July.
The Rosilio family purchased the property in November 2024 for $10.5 million from Ruben Azrak.
Mark Hallum can be reached at mhallum@commercialobserver.com.
