January 18, 2018 Comments Off on Development Site in Jamaica Queens NY Goes for $55M Views: 2627 National News, New York News, Northeast

Development Site in Jamaica Queens NY Goes for $55M

Archer Towers Development, LLC acquired a 719,736-buildable-square-foot development site located at 16305-16325 Archer Ave. in Jamaica, Queens, New York from Jamaica Tower, LLC for $55 million. The property currently houses a 32,307-square-foot, single-story retail strip with a supermarket, food court, and a Rent-A-Center.

Additionally, the property at Archer Avenue and Guy R Brewer Boulevard includes an eight-story, 280,000-square-foot parking garage that isn’t currently in operation. The site is comprised of two contiguous lots encompassing 99,967 square feet. It offers enormous development potential, since it is zoned C6-3 and is situated in the Special Downtown Jamaica District.

Cushman & Wakefield’s Stephen R. Preuss, who represented the seller, says, “The extensive development potential of this property will make it a valuable asset to the investor. As Downtown Jamaica continues to revitalize with new commercial and residential developments, 16305-16325 Archer Avenue offers a quality opportunity.”

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