NEW YORK | 147-30 Archer Avenue | 290 + 145 FT | 26 + 14 FLOORS

[chris08876]

Massive downtown Jamaica development site sells for $22 million

Downtown Jamaica’s development boom is expected by many sometime in the future, but one recent sale suggests developers may be springing into action already.

The nearly 90,000-square-foot building and parking garage site at 163-05 and 163-25 Archer Ave. in the heart of the downtown area traded hands for $22 million, according to property records filed Tuesday.

Gertz Plaza sold the site to Jamaica Tower, which has yet to file any building or demolition plans on the site, but it has tons of development potential, according to Massey Knakal Realty Services.

“This sale signifies the return of the residential development market in downtown Jamaica,” said Massey Knakal’s Brian Sarath, who handled the transaction. “It is the largest site to trade since the downturn and will be a catalyst for the Jamaica development market moving forward.”

The site currently has a one-story building with an accompanying seven-story parking garage. The building, which has 10 units, currently only uses 32,471 square feet of the site and some units are vacant, while the garage is 280,000 square feet.

It is a developer’s dream with 719,736 square feet of buildable space near a gigantic transportation hub of subways, LIRR, the AirTrain and dozens of buses.

“We received numerous bids in a short period of time from developers that were priced out of other areas in the city and see tremendous value in the downtown Jamaica market,” Sarath said.

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By Liam La Guerre
http://queenscourier.com/massive-dow...or-22-million/

[NYguy]

Expect a large residential development, with a mix of retail. There is a lot planned for that area.

[chris08876]

Along with market rate units, there is talk of also opening up a Costco on this site.

[chris08876]

Permits Filed: 147-30 Archer Avenue, The Crossing At Jamaica Station

BRP Companies plans to spend nearly $300 million developing two mixed-use high rises just north of Jamaica Station in Queens, in what some have called the “largest private investment in Downtown Jamaica in decades.” Now they’ve filed new building applications for their megaproject at the corner of Archer Avenue and Sutphin Boulevard, a combination of a church, mixed-income apartments and retail.

Filings call for two towers, 14 and 26 stories tall, at 147-22 and 147-30 Archer Avenue. The taller building will top out at 290 feet and house 450 units on the upper floors. The base will have 96,100 square feet of retail divided over three floors. Residential will begin on the fourth story, where 15 apartments will have private terraces. Most of the amenities will also be located on the fourth floor, including a lounge, fitness room, children’s play room, and laundry.

The second, 145-foot-tall building will include 130 units and a 17,100-square-foot church on the first two floors. There will be nine to eleven units on each floor, and many will have private balconies.

Ultimately, the project will include 580 units across 522,947 square feet of residential space, for a surprisingly spacious average unit of 900 square feet. It’s unclear how many apartments will be affordable, but the Midtown East-based developer promised to rent a quarter of the units at below-market rates when it struck a deal for the large commercial site last year. There will also be 256 parking spots, 84 of which will be in an underground garage.

FXFOWLE will be responsible for the design, and the first renderings were released to DNAinfo last October.

BRP acquired the 58,000-square-foot site from Greater Jamaica Development Corp. earlier this month for $19,500,000, The Real Deal reported. They expect to break ground in December on the project.

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http://www.yimbynews.com/2015/07/per...a-station.html

[chris08876]

Parameters for that address being: NEW YORK | 147-30 Archer Avenue | 290 + 145 FT | 26 + 14 FLOORS

[chris08876]

Something will rise here. Lots of potential, we just have to be patient.

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Jia Shu Xu Looking to Sell Archer Towers Site in DoJam for $60M

About two years after buying the biggest parcel in Jamaica, Queens in a decade, Flushing-based developer Jia Shu Xu has put the site on the market for $60 million. That is nearly three times the price he paid for the massive property in 2014.

Cushman & Wakefield’s Stephen Preuss, Daniel A. Abbondandolo and Kevin Schmitz are listing the 89,967-square-foot Archer Towers development site at 163-05/25 Archer Avenue at Guy R. Brewer Boulevard in Downtown Jamaica, two contiguous lots that can accommodate a building of up to 719,736 square feet and 700 residential units, with the addition of inclusionary housing.

The site is home to a 32,307-square-foot single-story retail strip with a supermarket, a food court, a Rent-A-Center and an inactive eight-story 280,000-square-foot parking garage, according to the marketing materials.

Xu picked up 163-25 Archer Avenue and 163-05 Archer Avenue from Gertz Plaza Acquisition for $11 million a piece in September 2014, property records indicate. DNAinfo reported the next month that together they comprised the largest property in Downtown Jamaica to sell in nearly 10 years.

Commercial Observer reported in July 2015 that Madison Realty Capital provided Xu with $37 million in debt collateralized by the two lots as well as a condominium building in Flushing.

The C&W brokers didn’t immediately respond to a request for comment and nor did a company spokesman. Xu wasn’t immediately reachable.

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https://commercialobserver.com/2017/...dojam-for-60m/