BRP Development Corp. Acquires Mixed-Use Development Site In Jamaica, Queens For $55M
149-16 Archer Ave, Jamaica, NY 11435, USA
Building Size
676,552 SF
Asset Type
Mixed-use
Closing
Nov 28, 2020
About this deal
AI
A mixed-use development site located at 16-305 to 16-325 Archer Avenue in Jamaica, Queens, New York has been sold for a price of $55,000,000. The property spans 676,552 square feet and has a price per buildable square foot (PPBSF) of $81. The seller of this site is Jamaica Towers, LLC, represented by Chris Xu. The buyer of the property is BRP Development Corp., represented by Geoff Flournoy and Meredith Marshall from Cushman & Wakefield, along with Stephen R. Preuss.
Summary of Transaction Details:
- Property Type: Mixed-Use Development Site
- Transaction Amount: $55,000,000
- Address: 16-305 to 16-325 Archer Avenue, Jamaica, Queens, New York
- Market: Jamaica, Queens
- Asset Type: Mixed-Use Development Site
- BSF: 676,552 square feet
- PPBSF: $81
- Seller: Jamaica Towers, LLC - Chris Xu
- Buyer: BRP Development Corp. - Geoff Flournoy & Meredith Marshall, Cushman & Wakefield's Stephen R. Preuss
The transaction involved key individuals and companies such as Chris Xu from Jamaica Towers, LLC as the seller, and Geoff Flournoy, Meredith Marshall, and Stephen R. Preuss representing BRP Development Corp. as the buyer. The sale of the mixed-use development site at 16-305 to 16-325 Archer Avenue in Jamaica, Queens demonstrates a significant investment opportunity in the area.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93