The Multani Family Acquires Development Site From The Dias Family For $1.5M In Jamaica

The asset involved in this transaction is a development site located at 138-02 101st Avenue in the Jamaica market. The sale price for the property was $1,500,000, encompassing a building square footage of 14,500, translating to a price per building square foot of $103. The total square footage stands at 1,992, which corresponds to a price per square foot of $753.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $1,500,000
• Buyer: The Multani Family
• Seller: The Dias Family
• Brokers: Alexandre Goulet & Anand Melwani - Landair Property Advisors
• BSF: 14,500
• PPBSF: $103
• SF: 1,992
• PPSF: $753

The brokerage team of Alexandre Goulet and Anand Melwani from Landair Property Advisors successfully managed this transaction, initially listing the site at $1,450,000. They utilized a competitive bidding process alongside their expertise in zoning regulations to secure a sale above the asking price, while tenants remained in the property. This transaction marks Landair's 14th development site sold in the year.