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.”