BY KATHERINE NERI
Two huge properties on the ever-changing Jamaica landscape have hit the real estate market for some big bucks.
On Aug. 8, Cushman & Wakefield announced that the firm has been retained as the exclusive agents to sell three very different sets of property in Queens with prices ranging from $4.2 million to $22 million.
The $22 million site sits at 89-26 162nd St. in downtown Jamaica and is 18,325 square feet after being subdivided from an original lot of approximately 44,683 square feet. After the subdivision, all remaining air rights will be transferred from the original lot, which equates to approximately 167,020 buildable square feet.
Right now, there is a 27,659-square-foot building that will be delivered vacant to buyers upon the sale’s completion.
Also in Jamaica, 120-20 Merrick Blvd. is on the block for $4.2 million with a 5.22 percent cap rate. The property is a fully leased, 5,400-square-foot shopping center with a large parking lot in front of the building.
A restaurant currently occupies the spacious lower level of the building. It is located at the busy intersection of Merrick & Baisley Boulevards, with 280 feet of linear footage, providing for hefty potential for future development. The tenants pay for all personal utilities, along with common area maintenance.
Jamaica is already undergoing a tremendous amount of change due to the Jamaica Now Action Plan — which got the city to invest in the area — imposed by Mayor Bill de Blasio and Queens Borough President Melinda Katz. This plan is comprised of 21 strategic actions aimed to revitalize and grow Jamaica as an energized and bustling location.
Through the city’s investment in Jamaica, the plan aims to provide service improvements to increase quality jobs, support small businesses, promote commercial growth and encourage economic development, among numerous other goals.
The action plan includes new initiatives around foreclosure prevention, streetscape improvements and workforce training for community residents. According to nyc.gov, it has “led to new housing, retail and commercial projects which, over the next five years, will result in approximately 3,000 new housing units, 500,000 square feet of retail space and 800 hotel rooms.”
The Jamaica Now Action Plan was released in 2015 and has made significant progress. The area is full of the promise of revitalization — meaning the locations for sale in Jamaica may be worth taking a second glance at.
Meanwhile, in Astoria, the $3.45 million vacant lot is located at 14-35 Broadway. It is approximately 3,405 square feet, but has approved plans to become a multifamily development building of approximately 13,520 gross building square feet, including an eight-story elevator. There will be 15 residential units — all one-bedroom/one-bath apartments — with terrace, balcony and outdoor recreational space.
All three properties for sale are dispersed across Queens’ top performing submarkets in a diverse range of asset classes.
Senior managing director of the brokerage firm, Stephen R. Preuss, is leading the team that will represent the agents in all further marketing advancements.
Preuss said, “Each property benefits from exceptional visibility with significant frontage and is along highly trafficked corridors near public transportation options.”