Massey Knakal Sells Retail Building In Jamaica
Massey Knakal Realty Services has sold a retail building located at 164-17 Jamaica Avenue, on the northwest corner of Jamaica Avenue and 165th Street, in Jamaica, Queens. The building was sold in a transaction valued at $8,750,000.
The two-story building consists of nine commercial units and is approximately 7,200 square feet. Situated in the heart of Jamaica, Queens, it resides on the corner of the Pedestrian Mall and enjoys some of the highest pedestrian counts in the borough. Other major commercial tenants in the area include Home Depot, Gap Outlet, Bank of America, Chase Bank, and Marshall’s. The property also has an additional approximate 19,159 square feet of air rights for possible expansion or redevelopment.
“Retail properties like this in the outer boroughs are starting to match multifamily properties as the asset class of choice for investors looking for cash flow,” stated Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales Brian Sarath.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.