Peter Kulka & Joseph Chetrit Sell Development Site In Downtown Jamaica For $25.5M

The property involved in this transaction is a development site located at 147-28/46 Jamaica Avenue & 147-23/27 Archer Avenue in Downtown Jamaica, Queens. The sale price was $25,500,000, with a building square footage of 306,454 and a price per building square foot of $83.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $25,500,000
• BSF: 306,454
• PPBSF: $83
• Seller: Peter Kulka & Joseph Chetrit
• Broker: Donal Flaherty - Investment Property Realty Group (IPRG)

Donal Flaherty represented the sellers in this transaction. IPRG announced that the deal was structured as a Joint Venture, with approved building plans and a footing already in place for a 306,454 SF retail and residential apartment building. A 359-unit residential project is set to be developed, benefiting from a 35-year 421-A tax incentive, and has transferred air rights from the Jamaica Avenue building onto the Archer Avenue lots.