Feder Family Acquires Development Site At 143-24 94th Avenue Jamaica For $29.7M

The property involved in this transaction is a development site located at 143-24 94th Avenue in Jamaica. It was sold for $29,700,000, with a ground rent established at $300,000 per annum. The site measures 70' x 100', and is situated within the Jamaica Neighborhood Plan rezoning area, one block away from the Archer Avenue transit, and encompasses a total of 70,000 square feet.

Summary of transaction details:

• Property Type: Ground Lease
• Transaction Amount: $29,700,000
• Ground Rent: $300,000/Annum
• Building Size: 70,000 BSF
• Term: 99-Year Ground Lease
• Buyer: Feder Family
• Seller: Moises Alvarado
• Broker Representatives: Alexandre Goulet & Anand Melwani - Landair Advisors

A long-term ground lease was executed by the Feder Family and Moises Alvarado, facilitated by brokers Alexandre Goulet and Anand Melwani from Landair Advisors. The transaction carries a total aggregate lease value of $29.7M, emphasizing the significance of the location within Jamaica, Queens.