Home Depot deal closed

A $75 million real estate deal by Massey Knakal Realty Services will bring the first Home Depot to the Jamaica section of Queens.
Composed of nine contiguous lots, the 613,000 buildable square foot development site is located at 166-24 Jamaica Avenue; 92-11/47 Merrick Boulevard and 92-10/30 168th Street. The site offers 308 feet of frontage on Archer Avenue, 422 feet of frontage along Merrick Boulevard and 415 feet of frontage along 168th Street.
The complex ground lease and sales deal involved five different landlords and took the Massey Knakal team of Brian Sarath and Swain Weiner 3 _ years to consummate. The entire site has already been demolished. Home Depot is expected to open in spring 2007.
“We’re thrilled to play an integral role in bringing The Home Depot to Jamaica Center and to be part of the revitalization occurring in the area,” said Sarath, who exclusively represented the sellers. “Once an eyesore and vacant for 25 years, the former Long Island Press Building site is going to become an outstanding retail venue. This is a true milestone for the Jamaica community.”
The properties were purchased and ground let by Cerruzzi Holdings of Plainfield, CT & The Mattone Group of Whitestone, NY. Massey Knakal Realty Services was the sole broker in this transaction.