Development in Jamaica continues to boom, as a massive piece of property located in the heart of downtown Jamaica has just been secured under a long-term lease.
The 35,000-square-foot site is located at 147-07 94th Ave., next to the Jamaica LIRR station. The property can be developed into a commercial, mixed-use or residential building.
CPEX Real Estate’s Development and Conversion Team, acting on behalf of the landlord completed a deal with the tenant — a partnership between Phoenix Realty Group (PRG) and Artemis Realty Capital — for a long-term ground lease.
This is the largest development site in Jamaica to change guard since 2014 and marks PRG and Artimus’ second acquisition this year, having secured the site across the street for $17.1 million. Between these two properties and BRP Companies’ project on Archer Avenue, there are set to be 1,400 new apartments within a block of Jamaica station.
“Downtown Jamaica offers all of the key attributes of a Central Business District, highlighted by its access to public transportation. It is a busy civic center that serves as home to CUNY York College, the Queens Supreme and Family Courts and bustling retail corridor Jamaica Avenue. We expect to see continued growth in Jamaica’s residential, office, retail, hotel and cultural sectors. Jamaica has a lot of the same attributes as Downtown Brooklyn where we have seen incredible results in economic growth as a result of private and public investment in the neighborhood. This is only the tip of the iceberg for Jamaica” said CPEX Managing Partner Brian T. Leary.