An investment partnership led by Joseph Yushuvayev and Uri Mermelstein of Top Rock Holdings has acquired a Forest Hills development site with plans to build two apartment buildings.
JLL Capital Markets announced that it brokered the $31.7 million sale of the 57,035 s/f lot at 70-35 113th Street on behalf of the seller, Jasper Venture Group.
The buyer, a partnership of Top Rock, RJ Capital Group & SYU Properties, will build two multi-housing development projects totaling 318,238 s/f
The project encompasses a 235,679 s/f free-market multi-housing development, in addition to an 82,559 s/f senior affordable living development.
70-35 113th St. is situated three blocks from the Forest Hills-71st Ave. E, F, M and R train, enabling residents to reach Long Island City in 20 minutes and Manhattan in 25 minutes.
The JLL Capital Markets team representing the seller was led by Vice Chairmen Stephen Palmese and Brendan Maddigan, Managing Directors Michael Mazzara, Winfield Clifford and Ethan Stanton and Vice President Patrick Madigan.
“Residential demand in Forest Hills has increased dramatically as the influx to neighborhoods, such as Long Island City and Astoria, have 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.”
Rendering top via Top Rock Holdings