by craig giammona
Massey Knakal Realty Services, based in Manhattan, announced Friday that The Mattone Group of Whitestone and Cerruzzi Holdings of Plainfield, Conn., had completed a $75 million deal, after nearly 3 1/2 years of negotiations with five different landlords. The Home Depot will occupy the former site of the Long Island Press building at the intersection of Archer Avenue and 164th street and construction is expected to begin this spring, according to Joseph Mattone Sr., the chairman and CEO of the Mattone Group.The entire lot fronts on Archer Avenue, Merrick Boulevard, Jamaica Avenue and 168th Street. Mattone said the store is expected to open in December, 2007, in time for Christmas. Mattone explained that the $75 million price tag included the cost of the land and preparing the site for development. Home Depot, he said, will lease the property. Mattone, citing the 300 jobs the store will create, said Home Depot's arrival will be good news for downtown Jamaica.”Its a vote of confidence in the resurgence of downtown Jamaica,” he said. “Its a real commitment from a major national company.”The Long Island Press building, a long abandoned eyesore, was razed in late 2005. It was the former home of the Long Island Press newspaper, which went out of business in 1978. Other then some mention of the historic value of the Long Island Press' baroque former building and concerns about traffic, there has been little community opposition to the Home Depot project.Thomas Crater, the chairman of the Beautification of Downtown Jamaica Committee, said that Jamaica residents are in need of place to buy home improvement supplies.”There is no real hardware store in Jamaica,” Crater said. “We'll have to have traffic control, but other than that I really see no problem with it.”Reach Reporter Craig Giammona by e-mail at news@timesledger.com or by phone at 718-229-0300 ext. 146.By Craig GiammonaThe developers of a 105,000-square-foot Home Depot that is expected to open late next year in downtown Jamaica recently completed the complex real estate deal that officially clears the way for the retailer to move forward.Massey Knakal Realty Services, based in Manhattan, announced Friday that The Mattone Group of Whitestone and Cerruzzi Holdings of Plainfield, Conn., had completed a $75 million deal, after nearly 3 1/2 years of negotiations with a total of five landlords.The Home Depot will occupy the former site of the Long Island Press building at the intersection of Archer Avenue and 164th street and construction is expected to begin this spring, according to Joseph Mattone Sr., the chairman and chief executive officer of the Mattone Group.The entire lot fronts on Archer Avenue, Merrick Boulevard and 168th Street. Mattone said the store is expected to open in December 2007 in time for Christmas. Mattone explained that the $75 million price tag included the cost of the land and preparing the site for development. Home Depot, he said, will lease the property. Mattone, citing the 300 jobs the store will create, said Home Depot's arrival will be good news for downtown Jamaica. His company is based in College Point.”It's a vote of confidence in the resurgence of downtown Jamaica,” he said. “It's a real commitment from a major national company.”The Long Island Press building, a long abandoned eyesore owned by Jamaica property holder Rita Stark, was razed in late 2005. It was the former home of the Long Island Press newspaper, which went out of business in 1978. In addition to Stark's building, additional parcels owned by four other landlords were involved in the sale, a spokesman for Massey Knakal said.Other than some mention of the historic value of the Long Island Press' baroque former building and concerns about traffic, there has been little community opposition to the Home Depot project.Thomas Crater, the chairman of the Beautification of Downtown Jamaica Committee, said Jamaica residents are in need of place to buy home improvement supplies.”There is no real hardware store in Jamaica,” Crater said. “We'll have to have traffic control, but other than that I really see no problem with it.”Reach Reporter Craig Giammona by e-mail at news@timesledger.com or by phone at 718-229-0300 ext. 146.
