Cushman & Wakefield today announced that the firm has arranged the sale of a 719,736 buildable square foot development site located at 16305-16325 Archer Avenue in Jamaica, Queens. The final closing price was $55 million.
Cushman & Wakefield’sSenior Managing Director Stephen R. Preuss represented the seller, Jamaica Tower, LLC, in the transaction. The site was purchased by Archer Towers Development, LLC.
“The extensive development potential of this property will make it a valuable asset to the investor,” said Stephen R. Preuss of Cushman & Wakefield. “As Downtown Jamaica continues to revitalize with new commercial and residential developments, 16305-16325 Archer Avenue offers a quality opportunity.”
The property currently features a 32,307-square-foot single-story retail strip with a supermarket, food court, and a Rent-A-Center. Additionally, the property includes an eight-story, 280,000-square-foot parking garage that isn’t currently in operation. The property offers great development potential, as it is zoned C6-3 and is situated in the Special Downtown Jamaica District. The property’s maximum buildable square footage is 719,736 sf with inclusionary housing.
Located on the corner of Archer Avenue and Guy R Brewer Boulevard, the property is in the heart of Downtown Jamaica. Multiple developments are currently underway in the growing Downtown Jamaica area including The Crossing at Jamaica Station, a large-scale mixed-use development next to the Jamaica train station, and a Hilton Garden Innthat will feature 225 rooms. In proximity to the E, J and Z subway lines, the site is easily accessible from Manhattan and Brooklyn.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
