Ralph Chera’s Chera Realty Group has signed a master lease for the former Capital One Bank building on Jamaica Avenue in Queens.
Lee Associates brokers Bradley Diamond and Mandy Cantor announced they arranged arranged a 25-year master lease for the property at 16101 Jamaica Avenue, on the corner of 161st Street.
The f building is 15,000 s/f at grade level with selling basement space. Neighboring businesses include GAP, Carters, Raymour & Flanigan, Chase Bank, Sprint, Jamaica Multiplex, and Applebee’s.
“Jamaica Avenue is in the midst of a retail renaissance, and our client is pleased to be a part of it,” said Diamond.
“From here, the space will be leased to two or three national retailers, that complement the trend away from Mom & Pop retailers, bringing Jamaica Avenue back to its glory days when Macy’s, Gertz, Mays, Wertheimer’s, etc.. dotted the landscape.”
“This is an exciting opportunity in a highly-desirable location,” added Cantor.
“Not only is it easily accessible via subway and Long Island Rail Road, but next year, directly across the street from this property, Burlington Coat Factory will be opening, thus adding to the area’s already busy foot traffic.
Diamond and Ms. Cantor represented both the landlord, 161 Jamaica Associates LLC, Vision Enterprises, and the holder of the master lease, which is managed by Chera Realty Group.