Adelaide Polsinelli, Vice Chairman of Compass, a technology-driven real estate platform, has been hired to sell an assemblage of industrial property located at 120-08, 120-30 Jamaica Avenue and 87-14 121 st Street, in the Queens neighborhood of Richmond Hill in New York City.
The property consists of approximately 41,000 SF of existing industrial, retail and warehouse space situated on 33,000 SF of land. The site has a development potential of 165,000 square feet. With 517 feet of wraparound frontage on 120th and 121 st Street and 230 feet of frontage on Jamaica Avenue, this site encompasses an entire block front.
The property is strategically located on one of Richmond Hill’s major retail strips and in close proximity to major highways. The site is located at the entrance to the 121 st Street and Jamaica Avenue subway station. Additional benefits include favorable zoning designations of FRESH, IBZ and Opportunity Zone.
The site will be delivered vacant allowing for a unique opportunity to redevelop a variety of uses including storage, retail, office or residential. The property also affords a potential user the ability to easily accommodate storage and fulfillment needs. There are 40 parking spots as well as truck loading docks.
“With all the attention being drawn to industrial and storage giants like Amazon, this property offers smaller investors an opportunity to get in the game,” noted Adelaide Polsinelli.
“Historically, this area was best known for its concentration of retail, storage and warehouse tenants,” noted Polsinelli. “With the retail and sales landscape evolving, I am now seeing owner users stepping up as buyers to purchase real estate for their own businesses,” continued Polsinelli.
“This is an extraordinary opportunity which will benefit from the accelerated transition of sleepy warehouse buildings meeting the increased demand for development of future fulfillment facilities,” added Polsinelli.