Massey Knakal Sells Development Site In Jamaica
A development site at 97-26 147th Place, located between 97th and Liberty Avenues in the Jamaica neighborhood or Queens, was sold in an all-cash transaction valued at $1,300,000.
The property contains two tax lots with combined dimensions of 75’ x 100’. It currently consists of a two-story building containing approximately 7,410 square feet. Situated in the rezoned Downtown Jamaica area, the property has excellent residential and/or commercial development potential. It holds approximately 30,048 buildable square feet for commercial development and 37,560 buildable square feet for residential development. The sale price equates to approximately $43 per commercial buildable square foot and $35 per residential buildable square foot.
This property has excellent access to numerous modes of transportation. The E, F, J, and Z subway lines, LIRR, and AirTrain are all located just four blocks away, and numerous bus lines service the area as well.
“The property was purchased by a developer with plans for a hotel. Hotel development is ideal for this Downtown Jamaica location with excellent access to the AirTrain, LIRR and Jamaica-Sutphin subway station,” said Massey Knakal Director of Sales Brian J. Sarath, who exclusively represented the seller in this transaction with Director of Sales Edward Gevinski.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.