The site at 143-18 Liberty Ave., which previously was an auto-dealer, sold after just four months on the market, but not before a bidding war between two buyers that ultimately lead the price of the lot to rise higher than most other sites in the area.
“Based on the impressive amount of interest we received for 143-18 Liberty Avenue, it’s clear that developers are eager to capitalize on the economic initiatives that are underway in the area,” said Daniel Wechsler, vice president at Ariel Property Advisors, which handled the transaction in the budding neighborhood.
The property sold for $1,937,500, according to Ariel, but has yet to hit public records. Floral Park-based Namra Inc. bought the property in 2008 for $1.06 million, city records show.
The roughly 8,530-square-foot site is zoned primarily for residential and offers 25,602 of buildable square feet for a residential development.
That translates to nearly a $76 per buildable square foot sale. Similar properties in Jamaica trade between $32 to $77 per buildable square foot, according to Wechsler, making this site one of the most valuable in the last six months.
Wechsler couldn’t speak to the new owner’s plans for the site, but if they aim to capitalize on their investment through building out the maximum allowed on the site that means a huge residential building could be coming to the lot at the intersection of Liberty Avenue and Pinegrove Street near the Van Wyck Expressway. Construction plans have yet to be filed with the Department of Buildings.
Wechsler, Michael A. Tortorici and Jesse Deutch represented the seller.