Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Outer  + Retail  | 

Vacant Jamaica Retail Trades for Lease-Up or Redevelopment

Marcus & Millichap closed the sale of a 14,257-square-foot retail property located at 89-61 162nd St. in Downtown Jamaica, Queens. The asset sold for $4,350,000.  

“We had a tremendous amount of activity on this site, as it offers 51,600 square feet of buildable residential space, located right off the busiest destination retail street in Queens,” said Scott Plasky. “There is strong demand for mid-sized development sites like this, and ownership was very pleased with the results.” 

Plasky and Billy Stephan IV, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller and procured the buyer, a local private investor.  

Located between Jamaica and 89th avenues, the three-story property was delivered vacant, offering immediate lease-up or redevelopment potential. Current zoning allows for up to 51,600 buildable square feet, increasing to 61,920 square feet with the Inclusionary Housing Bonus. 

Read More News Stories About: Marcus & Millichap
Connect

Inside The Story

Marcus & Millichap's Plasky

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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 GlobeSt.com 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).

  • ◦Sale/Acquisition
New call-to-action