Cushman & Wakefield has been retained on an exclusive basis to market 147-27 Archer Avenue for sale, a 260,000-buildable-square-foot mixed-use development site located in Downtown Jamaica.
A Cushman & Wakefield team of Brian Sarath and Michael Wuest will be leading marketing efforts on behalf of the seller, KJL Realty Co.
“This transit-oriented development site offers unparalleled access to the diversified transportation options that Downtown Jamaica has to offer,” said Sarath. “Located directly next to the Long Island Rail Road, multiple subway lines, major MTA bus lines and the JFK AirTrain, this site is suitable for a wide variety of uses, including market rate and affordable housing, hotel, community facility or large airport-related office uses.”
Located at 147-27 Archer Avenue, the residential or commercial development site consists of three contiguous lots with neighboring air rights. The blockfront site features 145 feet of frontage on Archer Avenue and is located in a Qualified Opportunity Zone. Surrounded by tremendous development activity, including new construction residential, mixed-use and hotel projects, the site is suitable for a multitude of uses.
The site contains three lots, one of which is improved with a 2,700 s/f auto repair shop, for a total 23,223 s/f lot footprint.
The seller is asking $29.5 million or $113 per buildable square foot for the site.