Chetrit Group Acquires Development Site In Downtown Jamaica, Queens For $25M

The Chetrit Group has acquired a development site in Downtown Jamaica, Queens. The property, located at 147-28/46 Jamaica Avenue and 147-23/27 Archer Avenue, is a 306,454 square foot development site. The sale was completed on 06/07/2022 for a price of $25,000,000, resulting in a price per buildable square foot (PPBSF) of $81. The site is situated in the bustling market of Downtown Jamaica, Queens.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $25,000,000
• Address: 147-28/46 Jamaica Avenue & 147-23/27 Archer Avenue
• Market: Downtown Jamaica, Queens

In this structured transaction - joint venture, the Chetrit Group purchased the site from Peter Kulka. The acquisition was facilitated by Brian Sarath and Michael Wuest from Cushman & Wakefield, who represented both the buyer and the seller in the deal. The completion of the transaction allows for the development of a 306,454 square foot retail and residential apartment building. The project benefits from a 35-year tax abatement as a result of the previous 421-A program. Additionally, air rights from the Jamaica Ave Building were transferred onto the 3 Archer Avenue lots. The site's location on Archer Avenue in Downtown Jamaica is advantageous, being across the street from the LIRR/Jamaica Station and next to the Station Plaza Realignment Project.

For more information about this transaction, interested parties can contact Brian Sarath at 718-215-1500 or via email at [email protected].