In another big sign that Jamaica is changing, the more than three-decade-old Jamaica Colosseum Mall known for its hip-hop clothing stores and huge jewelry exchange is being marketed for sale.
The mall, which was a Macy’s until 1978, has been listed by Epic Commercial Realty for $45 million.
The site at 89-02 165th St. has nearly 50,000 square feet of space and up to 250,000 square feet of buildable potential for a commercial or residential development, New York YIMBY reported.
The mall could be sold for about $180 per buildable square foot at its current asking price, which would be significantly higher than many other listing sites in the neighborhood.
But as some experts have noted, now is the time for owners to cash in on Jamaica while the market is hot.
A few blocks over from the mall at 168th Street, developers are also working on an $85 million retail and residential complex.
Jamaica Colosseum Mall was founded in 1984 and began with an indoor flea market, according to its website.