NEW YORK | Archer Towers | FT | 24 FLOORS

Continuing the discussion from NEW YORK | Jamaica Queens TOD Rezoning | 4.3M SF:

Massive downtown Jamaica development site sells for $22 million

By Liam La Guerre

http://static.queenscourier.com/wp-content/uploads/2014/10/Archer-ave-624x414.jpg

Downtown Jamaica’s development boom is expected by many sometime in the future, but one recent sale suggests developers may be springing into action already.

The nearly 90,000-square-foot building and parking garage site at 163-05 and 163-25 Archer Ave. in the heart of the downtown area traded hands for $22 million, according to property records filed Tuesday.

Gertz Plaza sold the site to Jamaica Tower, which has yet to file any building or demolition plans on the site, but it has tons of development potential, according to Massey Knakal Realty Services.

“This sale signifies the return of the residential development market in downtown Jamaica,” said Massey Knakal’s Brian Sarath, who handled the transaction. “It is the largest site to trade since the downturn and will be a catalyst for the Jamaica development market moving forward.”

The site currently has a one-story building with an accompanying seven-story parking garage. The building, which has 10 units, currently only uses 32,471 square feet of the site and some units are vacant, while the garage is 280,000 square feet.

It is a developer’s dream with 719,736 square feet of buildable space near a gigantic transportation hub of subways, LIRR, the AirTrain and dozens of buses.

“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,” Sarath said.

http://static.queenscourier.com/wp-content/uploads/2014/10/163-05-25-Archer-Avenue.jpg

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“Jamaica Tower” – sounds intriguing =)

Time for that garage to go too…

this must be underway by now?

http://www.unitedgroupny.com/portfolio-items/jamaica-tower/

This project will break ground in 2016. It will consist approximately 700 residential rental units. The total floor area will be about 700,000 square feet. It’s anticipated to be completed in 2019.

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that looks great!

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this is the one in the background


Not Just Dashing Commuters! by Matt Csenge, on Flickr

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