Ownership seeking Proposals
147-20 Jamaica Avenue,
About this property
ONE Commercial Realty Services has been retained on an exclusive basis for the sale of 147-20 Jamaica Avenue in Queens. The subject property is a prime corner development opportunity located directly on Jamaica Avenue approximately (4 minute walk) from Jamaica Terminal. The Terminal is one of the largest transportation hubs in America and sees over 250,000 daily commuters. It is currently undergoing a $65 million infrastructure face lift consisting of new platforms and tracks, glass-enclosed heated waiting areas, and Wi-Fi/USB charging stations. The project is slated to be completed by 2019 and will continue to offer services to Manhattan, Brooklyn and Long Island, as well as AIR Train Services to JFK Airport. 147-20 Jamaica Avenue is positioned in the heart of Jamaica Center, with 20’ feet of corner Jamaica Avenue frontage, and an additional 81’ feet of side frontage on 147th Place directly adjacent to the 19-story 100,000SF mixed-use Hotel Development located at 90-75 Sutphin Boulevard. The Zoning is C6-2 & Special District Jamaica (DJ) Zoning.
The shape of the lot is an irregular L-Shape. The FAR of each asset category is as follows, Residential – 6.2 (22,444 BSF) Commercial – 6.0 (21,720 BSF) Community Facility – 6.5 (23,530 BSF). Over 3,500,000SF of residential, commercial and office space is currently under development within a half mile radius of this property. The center piece project that will transform this area is BRP Development’s “Jamaica Crossing” consisting of 773,000SF of residential, retail and parking space. The development will be comprised of 669 rental units, 35,000SF of retail space, and 187 above-grade parking spaces. This project is located one block from subject property. From a development perspective, a mixed-use development with a national tenant occupying the bottom floor and office/residential spaces on top to maximize investment income. Another possibility could be a gym or community facility.
The subject property is located in the center of the Jamaica BID District which was a program instilled by the Center of Business in Jamaica to promote the growth of business and development through large tax cuts and business development incentives.