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.
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.
- ◦Sale/Acquisition
