BY KELLY MARIE MANCUSO
Ariel Property Advisors, a New York City investment property sales firm specializing in the multifamily market and development sites, has been exclusively retained to sell two large properties in southeastern Queens.
The first is a development site located at 177-18 Wexford Terrace in Jamaica Estates. The second is a commercial property located in Jamaica at 116-29 Sutphin Blvd. The properties are being marketed independently of one another.
The owners of each property have tapped Ariel Property Advisors Vice President Daniel Wechsler and agent Michael A. Tortorici to bring properties to market.
“Various public initiatives on the state, city and local level, along with private investment, are undoubtedly helping transform Jamaica into a more attractive and affordable destination to live, work and visit,” Wechsler explained.
The Wexford Terrace site, which measures 30 feet by 120 feet, has an asking price of $1,780,000 and is located one block from Hillside Avenue, a major commercial corridor lined with grocery stores, drug stores, restaurants and many other neighborhood amenities. The close proximity to Hillside Ave also provides prospective residents with convenient F train access to Manhattan, as well as numerous bus lines.
The property offers 12,420 square feet as of right, 14,400 square feet and a FAR of 4.00 with a community facility bonus, and 16,560 square feet with a 4.60 FAR with an inclusionary housing bonus.
It is also located between two new developments. The first, located at 177-16 Wexford Terrace, will be an 8-story 20,000 square foot mixed-use building. The second, located at 177-30 Wexford Terrace, recently received approval for a 62,000-square-foot mixed-use facility.
In addition to the Wexford Terrace site, Ariel Property Advisors is also offering a 3,430-square-foot $1,250,000 corner commercial building located at 116-29 Sutphin Blvd. in Jamaica. It consists of three retail units, each with street-level and basement space. One unit is currently leased by a church that has occupied the building for over a decade. Their current lease expires next year. The second unit is occupied by a laundromat with a lease expiring in 2023. The third unit is vacant.
The site sits on a heavily trafficked thoroughfare in southeastern Queens. Major retailers in the immediate vicinity include a brand-new Dollar Tree, as well as McDonald’s, Subway and Dunkin’ Donuts restaurants.
“We think a development site in Jamaica Estates is interesting due to its rarity,” explained Ariel Properties Communications Manager Jeremy Beck. “Any commercial building in the ever-improving Jamaica area, and what its potential can be, is also a plus for the neighborhood.”