Large downtown Jamaica development site its market

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Cushman & Wakefield has been retained on an exclusive
basis to market 147-27 Archer Avenue for sale, a 260,000-buildable-square-foot
mixed-use development site located in Downtown Jamaica.

A Cushman & Wakefield team of Brian Sarath and Michael
Wuest will be leading marketing efforts on behalf of the seller, KJL Realty Co.

“This transit-oriented development site offers unparalleled
access to the diversified transportation options that Downtown Jamaica has to
offer,” said Sarath. “Located directly next to the Long Island Rail Road,
multiple subway lines, major MTA bus lines and the JFK AirTrain, this site is
suitable for a wide variety of uses, including market rate and affordable
housing, hotel, community facility or large airport-related office uses.”

Located at 147-27 Archer Avenue, the residential or
commercial development site consists of three contiguous lots with neighboring
air rights. The blockfront site features 145 feet of frontage on Archer Avenue
and is located in a Qualified Opportunity Zone. Surrounded by tremendous
development activity, including new construction residential, mixed-use and
hotel projects, the site is suitable for a multitude of uses.

The site contains three lots, one of which is improved with
a 2,700 s/f auto repair shop, for a total 23,223 s/f lot footprint.

The seller is asking $29.5 million or $113 per buildable square foot for the site.

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