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Dual-Project Development Site Trades in Forest Hills

JLL Capital Markets closed the $31.7-million sale of a 57,035-square-foot lot at 70-35 113th St. in Forest Hills, Queens, with plans for two residential development projects totaling 318,238 square feet. 

A team of vice chairmen Stephen Palmese and Brendan Maddigan; managing directors Michael Mazzara, Winfield Clifford and Ethan Stanton; and VP Patrick Madigan worked on behalf of Jasper Venture Group to complete the sale to a partnership of Top Rock Holdings, RJ Capital Group & SYU Properties. 

The proposed project encompasses a 235,679-square-foot, free-market rental apartment development, in addition to an 82,559-square-foot senior affordable living development on the site of the former Parkway Hospital.

“Residential demand in Forest Hills has increased dramatically as the influx to neighborhoods such as Long Island City and Astoria has spread further into Queens,” Mazzara said. “The proximity to major mass transit lines and the rich neighborhood atmosphere make Forest Hills one of Queens’ most dynamic submarkets.”


Inside The Story

JLL’s Mazara

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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