Author Topic: Developer Spends $22M to Buy Largest Piece of Jamaica Land in a Decade  (Read 761 times)

Offline Shelby2

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Here's some residential development news in Jamaica.  Numerous times in the past few years I've heard people (mostly lay people) talking about Jamaica being one of the next in line to see more residential development.  It made sense to me in terms of location and transit options, however, every time I've gone to that particular area in Jamaica, I didn't see much of anything pleasant in that congested downtown area, except the Rufus King Park and JCAL. I have seen other less busy areas in Jamaica that seemed nice, well-kept and quiet.

It seems the developers are beginning to take more notice of Jamaica as there's a big residential project coming.  I'm not sure what this will mean for more crowding on transit, etc.  We have development going on all sides of us now.

http://www.dnainfo.com/new-york/20141021/jamaica/developer-spends-22m-buy-largest-piece-of-jamaica-land-decade

Article excerpt

QUEENS — A Flushing-based company dropped $22 million to buy the largest property in Downtown Jamaica in nearly 10 years — and are planning to build market rate housing along with retail, sources said. The project is the latest among a number of new real estate developments proposed for downtown Jamaica, which has been dynamically changing in recent years.

Jamaica Tower LLC bought the property at 163-05/25 Archer Ave., at Guy R. Brewer Boulevard, from Gertz Plaza Acquisition, according to Massey Knakal Realty Services, which facilitated the transaction. The property, located near York College, consists of two adjacent lots, where there are several stores, including a Rent-A-Center. It also includes a seven-story parking garage.

The lots have the total space of nearly 90,000 square feet and buildable space of 720,000 square feet. It’s the largest property sold in the Downtown Jamaica area in nearly 10 years, according to Brian Sarath of Massey Knakal. Other large properties purchased in the area during the past decade include Jamaica Center, where the Jamaica Multiplex is located, which was bought in the early 2000s.

There is also a lot at Archer Avenue and 168th Street, acquired in 2005, where a Home Depot was built, according to Sarath.

“This sale signifies the return of the residential development market in Downtown Jamaica,” said Sarath in a statement, adding that more than 10 developers have expressed interest in buying the property. “It is the largest site to trade since the [economic] downturn and will be a catalyst for the Jamaica development market moving forward.”

Offline NYC Native

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Re: Developer Spends $22M to Buy Largest Piece of Jamaica Land in a Decade
« Reply #1 on: October 30, 2014, 11:38:18 PM »
Archer is a scary place to be honest but it is much better now than it was several years ago.   I'm happy to see a large private undertaking in this sector of Jamaica.  We own a few apartments in Jamaica Hills and many parts of Jamaica developed slowly but solidly.  In fact the small stretch on Parsons between Jamaica Ave and Hillside Ave houses some really interesting edifices.  There is the handsome Presentation of The Blessed Virgin Mary Parish at 88-19 Parsons blvd and there is a YMCA at 89-25 Parsons Boulevard as well as the popular City Rib housed at the old Family court building at 89-04 Parsons Blvd which coincidentally was converted into a very unique looking apartment building.



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Jackson Heights Life

Re: Developer Spends $22M to Buy Largest Piece of Jamaica Land in a Decade
« Reply #1 on: October 30, 2014, 11:38:18 PM »