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.
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.
From the Daily News:
Bulova is putting its longtime corporate headquarters in Woodside on the market for $30 million, and brokers are hoping to lure another big-name business to Queens.
Real estate agents said the 93,000-square-foot building with a 200-space parking lot is a steal for a suburban-style corporate campus located just minutes from Manhattan.
“There is truth to the adage, if you build it they will come,” said David Schechtman, a director at Eastern Consolidated, which is brokering the sale.
The building is zoned for commercial and light industrial uses, and can be built out with an additional 60,000 square feet of space, Schechtman said.
Old-school manufacturers continue to leave the boroughs, but there has been growth in the city’s technology sector. Schechtman says it’s likely that a tech company could move in, or an entrepreneur could turn it into an incubator.