Azimuth Development Acquires Development Site In Jamaica For $8.98M

A development site located at 221-06 Merrick Boulevard in Jamaica has been sold for a price of $8,975,000. The site has a buildable square footage of 68,000, and the price per buildable square foot is $132. The transaction involved the buyer, Azimuth Development, and the seller, 5 Boro Real Estate Partners. Brian Sarath from Cushman & Wakefield served as the broker for this deal.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $8,975,000
• Address: 221-06 Merrick Boulevard
• Market: Jamaica

This sale marks Brian Sarath's 4th significant development site trade within 8 months. The marketing strategy was specifically targeted towards alternative use buyers who were not dependent on the expired 421-a tax abatement. In total, the transactions from these trades will contribute to youth education and amount to a combined buildable square footage of 441,000. The sale price of $132 per buildable square foot represents a record-breaking achievement for a development site in this market. It demonstrates the ability to identify and capitalize on opportunities within the Queens landscape.

If you are interested in Transit Oriented Development Sites in Queens, there are several upcoming opportunities after Labor Day. In Briarwood/Kew Gardens on Queens Blvd, there is a 45,000 square foot footprint with 160,000 buildable square footage. It is an ideal location for multi-use development or corporate headquarters in industries such as medical or airline. There are also 100 garage and surface parking spots available with a drive-thru option.

In Astoria on Prime 31st Street, there is a 22,000 buildable square footage. This presents a fantastic opportunity for retail and residential condos or a covered land play. It is conveniently located adjacent to the N & W Subway.

Downtown Jamaica offers two options. On Sutphin Blvd, there is a 37,000 buildable square footage with significant foot traffic and transportation access. This property would be perfect for mixed-use or commercial development or a covered land play. On Jamaica Avenue, there is a 27,000 buildable square footage with excellent foot traffic. It is located next to a recently completed high-rise mixed-use building and offers great potential for mixed-use or commercial development or a covered land play.

If you have a development site that is experiencing market fatigue or if you want/need to sell your property, Brian Sarath can help leverage his expertise in rebranding and strategic marketing to ensure a successful sale. For more information, reach out to [email protected].