BRP Companies has closed on the purchase of a 719,736 buildable square foot development site for $55 million. Located on Archer Avenue in Jamaica, Queens, the site currently houses a 32,307 square foot single-story retail strip with a supermarket, food court, and a Rent-A-Center. Additionally, the property includes an eight-story, 280,000 square foot parking garage that isn’t currently in operation. Zoned C6-3 and situated in the Special Downtown Jamaica District, the buyer will likely use the land for a mixed-use project with mostly residential units, a portion of which would be affordable. Cushman & Wakefield’sSenior Managing Director Stephen R. Preuss represented the seller, Jamaica Tower, LLC, in the transaction.
“The extensive development potential of this property will make it a valuable asset to the investor,” said Stephen R. Preuss of Cushman & Wakefield. “As downtown Jamaica continues to revitalize with new commercial and residential developments, 16305-16325 Archer Avenue offers a quality opportunity.”
