Marcus & Millichap - Tri Borough Multi-Family

148-22 Archer Avenue


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Price: $6,300,000
Building Size: 18,000 Square Feet
Property Type: Investment

The subject property is an 18,000 square foot indoor parking garage situated at 148-22 Archer Avenue in the Jamaica section of Queens. The property is fully built on a 100′ x 180′ lot with 180′ of frontage on Archer Avenue. The subject property presents an investor with the opportunity to develop 144,000 buildable square feet that could include an underground parking garage, ground floor retail stores, a floor of offices, and multiple residential floors. In addition to its location in the heart of a 356-block rezoning area, the subject property sits within the Jamaica Gateway Urban Renewal Area (also known as JFK Corporate Square – Airport Village). The Renewal Area will have floor to area ratios from eight to twelve and will comprise the three blocks surrounding the recently completed Air Train JFK and Long Island Railroad Hub. The subject property will be rezoned C6-3 with an 8 FAR and a 250 foot height limit. Ten years of development and infrastructural improvements have set Jamaica on the path towards economic resurgence. Most significant have been transportation upgrades facilitating travel by commuters who come to Jamaica to live, work and shop. The revitalization started with the City improving and adding subway and bus access to the area. Subsequently, at the corner of Archer Avenue and Sutphin Boulevard, the Long Island Railroad completed a brand new transportation hub that combines a modern transit facility and LIRR offices. Air Train JFK, completed December 2003, links in eight minutes the LIRR and subways to JFK International Airport; ridership doubled during the first year it was open and now the Air Train serves approximately 14% of all passengers traveling to or from JFK. Future major development projects include a Forest City Ratner Class A mixed-use office building, a Hilton Hotel and a 1,000,000 square foot shopping center. These and other projects are to be constructed within the three blocks designated as the Jamaica Downtown Urban Renewal Area.