Cushman & Wakefield Sells Development Site in Jamaica
A development site at 148-26 Hillside Avenue, located between 148th and 150th Streets in the Jamaica neighborhood of Queens, was sold in an all-cash transaction valued at $6,000,000.
The site consists of an approximately 125’ x 138’ lot. Situated within an R7A/C2-3 zoning district, it holds approximately 60,202 buildable square feet as of right and 80,000 buildable square feet with the inclusionary housing bonus. The sale price equates to approximately $100 per buildable square foot or $75 per buildable square foot, respectively.
The site is ideally situated two blocks from the F and E subway stops and within a block of the Q43 bus stop. Neighboring tenants include Mobil, Toyota, Honda, Pep Boys, Enterprise, HSBC, Rite Aid, and Ramada Hotel.
“This trade demonstrates the resurgence of the Jamaica market. Throughout our marketing process, we received more than 15 bids,” said Cushman & Wakefield’s Brian Sarath, who exclusively handled this transaction. “The property’s large footprint and access to public transportation made this site tremendously desirable for the buyer,” continued Sarath.