Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Large Development Site In Jamaica

05/12/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell a prime development site at 163-05/25 Archer Avenue. The property is located on the northeast corner of Guy R. Brewer Boulevard and Archer Avenue in the heart of Jamaica, Queens. The asking price is $22,000,000.

The subject property is comprised of two contiguous lots which combine for approximately 719,736 buildable square feet.  It features substantial frontage on Archer Avenue and Guy R. Brewer Boulevard and a total footprint of approximately 89,967 square feet.  The site currently holds a single-story, approximately 32,471 square foot retail building and a seven-story, approximately 280,000 square foot parking garage.

The site is located directly across from York College and in close proximity to St. John’s University.  Major commercial tenants in the immediate area include Home Depot, Marshalls, Old Navy, Verizon, AT&T, Chase Bank, Capital One Bank, UPS, Foot Locker, Duane Reade, Walgreens, Bally Total Fitness, Jamaica Multiplex Cinemas, and Applebee’s.  The property is in close proximity to numerous MTA bus lines and just three blocks from the E, J and Z subway lines. Given its large footprint, substantial frontage, and proximity to neighborhood amenities and transportation, this site offers an excellent opportunity for commercial and/or residential development in an area in need of both. 

“With several residential development projects currently underway in downtown Jamaica, the retail needs of the neighborhood continue to escalate in an already underserved market,” said Massey Knakal’s Brian J. Sarath, who is exclusively marketing this property.  “This site, with its considerable footprint and prominent location would be ideal for a large mixed-use development project to serve the retail and residential demands of the area,” he continued.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

05/12/2014 - 10:12

Source

Cushman & Wakefield Capital Markets Group New York

Want more news about Cushman & Wakefield Capital Markets Group New York? Click here