Peter Abowitz Acquires Development Site In Jamaica Queens For $17 Million From Chetrit Group And Peter Kulka

A development site located at 147-27 Archer Avenue in Jamaica, Queens was sold for $17,000,000. The site spans approximately 274,837 square feet, resulting in a per square foot price of $62. A 359-unit residential project is planned for the site, which is linked to a 35-year 421-A tax incentive.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $17,000,000
• Address: 147-27 Archer Avenue
• Market: Jamaica, Queens
• Buyer: Peter Abowitz
• Seller: Joseph Chetrit - Chetrit Group & Peter Kulka
• BSF: 274,837
• PPBSF: $62

Peter Abowitz conducted the purchase through Archer Ave Holdings LLC, acquiring the property from the Chetrit Group and Peter Kulka’s entity. Their joint efforts facilitated this transaction, highlighting the involvement of key players in the development site exchange.