Success Academy Charter Schools Acquires Development Site In Downtown Jamaica For $30M

The Success Academy Charter Schools has acquired a development site at 153-01/09 & 153-02/12 Hillside Avenue in Jamaica, New York. The property was sold by Scott & Robyn Perlstein for a price of $30,000,000. The site spans 67,000 square feet (1.6 acres) and offers an impressive 305,000 square feet of buildable space. It boasts 660 feet of wraparound frontage and is strategically located at the entrance of the Parsons Boulevard Station, which is serviced by the E & F Subway Trains. The surrounding area is experiencing a surge in new rental apartments and hotels, with 6,000 rental apartments and 1,000 hotel rooms in the pipeline. Despite the challenges posed by a high interest rate environment and the absence of a 421-a tax abatement renewal or extension, the demand for this growing area remains strong. Achieving $100 per buildable square foot in this market is a substantial achievement.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $30,000,000
• Address: 153-01/09 & 153-02/12 Hillside Avenue, Jamaica, New York
• Market: Downtown Jamaica

Brian Sarath and Daniel Abbondandolo, representing Cushman & Wakefield, facilitated the successful sale of this mixed-use development site. Their expertise and efforts contributed to the accomplishment of this transaction.