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221-06 Merrick Boulevard
SOLD

Azimuth Development Acquires Development Site In Jamaica For $8.98M

221-06 Merrick Boulevard

Development Site
68,000 SF
clock iconSold 279 days ago
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Summary

Sale
NEW YORK
Development Site
68,000 sqft

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].

Players

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  • Agents

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Brian Sarath's profile picture
Brian Sarath
Cushman & Wakefield-image
Executive Director
$125.2M Sold

Details

Deal Summary
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SOLD
IMAGE: Brian Sarath DATE: 08/14/2023 ADDRESS: 221-06 Merrick Boulevard MARKET: Jamaica ASSET TYPE: Development Site BUYER: Azimuth Development SELLER: 5 Boro Real Estate Partners BROKER: Brian Sarath (@SarathSellsQueens) - Cushman & Wakefield (@CushWake) SALE PRICE: $8,975,000 BSF: 68,000 ~ PPBSF: $132 NOTE FROM BROKER: This sale marks my 4th significant development site trade within 8 months. Our marketing strategy was precisely tailored to alternative use buyers not relying on the expired 421-a tax abatement. Each of these transactions will contribute to youth education & totaled 441,000 BSF. The sale, at $132 per Buildable SF, represents the highest price ever achieved for a development site in this market. A testament to recognizing & capitalizing on opportunities within the Queens landscape. If you are in the market for rarely available, Transit Oriented Development Sites in Queens, I urge you to reach out for further information. Here's what awaits after Labor Day: Briarwood/Kew Gardens-Queens Blvd Block through- 45,000 SF footprint, 160,000 BSF. Ideal Multi-Use Development or Corporate Headquarters/Medical/Airline, taking advantage of existing 36k SF building & 125k SF of air rights. 100 garage & surface parking spots w/ drive thru. Astoria-Prime 31st Street: 22,000 BSF. Fantastic Retail & Resi Condo opportunity or covered land play. Adjacent to N & W Subway Downtown Jamaica- Sutphin Blvd: 37,000 BSF. Significant foot traffic & transportation. Perfect for Mixed-Use/Commercial Development or covered land play. Downtown Jamaica- Jamaica Avenue: 27,000 BSF. Excellent foot traffic abutting recently completed high rise mixed-use building @ the nexus of transportation. Ideal for Mixed-Use/Commercial Development or covered land play. If you possess a development site experiencing market fatigue, or want/need to sell your property, allow me to leverage my expertise in rebranding & strategic marketing to ensure a successful sale. Reach out to [email protected] for more information.

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