March 15, 2017 Comments Off on Funding Secured for 176K-SF MXU Build Views: 215 New York News, Outer Boroughs New York

Funding Secured for 176K-SF MXU Build

Piermont Properties borrowed $38.5 million from Bank of the Ozarks to develop a 176,130-square- foot, mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens.

“Jamaica is in the midst of a large-scale transformation following a major rezoning of 368 blocks, and significant public and private investment in the area’s transportation hub,” said Adam Hakim, managing director for Eastern Consolidated, which arranged the transaction. “A number of mixed-use developments are underway and further investment is expected.”

The project will include 131 apartments, on floors three through eight. It will also include more than 10,000 square feet of retail space leased to a national pharmacy brand, a 25,000-square-foot medical office space on the lower level, and a public parking facility.

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By photo taken by flickr Paul Keheler – flickr, CC BY 2.0,

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