JAMAICA, NY – March 30, 2016– A prime development site at 163-05/25 Archer Avenue, located in the northeast corner of Guy R. Brewer Boulevard and Archer Avenue in the heart of Jamaica, Queens, was sold in an all-cash transaction valued at $22,000,000.
The subject property consists of two contiguous lots which combine for approximately 719,736 buildable square feet. It features substantial frontage on Archer Avenue and Guy R. Brewer Boulevard and a total footprint of approximately 89,967 square feet. The site currently holds a single-story, approximately 32,471 square foot retail building and a seven-story, approximately 280,000 square foot parking garage. The sale price equates to approximately $31 per buildable square foot.
The site is located directly across from York College and in close proximity to St. John’s University. Major commercial tenants in the immediate area include Home Depot, Marshalls, Old Navy, Verizon, AT&T, Chase Bank, Capital One Bank, UPS, Foot Locker, Duane Reade, Walgreens, Bally Total Fitness, Jamaica Multiplex Cinemas, and Applebee’s. The property is in close proximity to numerous MTA bus lines and just three blocks from the E, J and Z subway lines.
“This sale signifies the return of the residential development market in Downtown Jamaica. It is the largest site to trade since the downturn and will be a catalyst for the Jamaica development market moving forward,” said NAI Queens Senior Director, Brian J. Sarath, who exclusively handled this transaction. “We received numerous bids in a short period of time from developers that were priced out of other areas in the city and see tremendous value in the Downtown Jamaica market,” he continued.