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155-01 Jamaica Ave - Retail/Mixed-Use Development Site
0.08 Acres of Residential Land Offered at $2,325,000 in Jamaica, NY 11432
Investment Highlights
- Prime development opportunity!!!
- Located in a transportation hub that is blocks from the Jamaica train station, Jamaica center subway, and the Jamaica center bus terminal
- Impressive F.A.R. limits provide an allowance of up to 26,200 BSF
- Prestigious Location positioned in the heart of the Jamaica commercial corridor.
- High exposure with 24' if premium frontage in a highly trafficked area. .
- Great Location! Close proximity to local access points.
Executive Summary
The property details include a lot size of approximately 25’ x 131’ (3,275 sq. ft.) and C6-3 zoning. Notably, the residential floor area ratio (F.A.R.) stands at 6.0, with the potential to reach 8.0 with an Inclusionary Housing Bonus. This translates to a residential buildable sq. ft. of
approximately 19,650 sq. ft., expandable to 26,200 sq. ft. with inclusionary housing. Additionally, the commercial F.A.R. is 8.0, providing for a commercial buildable sq. ft. of approximately 26,200 sq. ft., along with a community
facility buildable sq. ft. of 26,200.
The financial aspects of the property include a NYC Tax Assessment for 22/23 at $302,400, with taxes amounting
o $32,960. This property’s exceptional location and flexible zoning make it an enticing prospect for developers looking to capitalize on the vibrancy of Jamaica Avenue and explore diverse development opportunities.
Property Facts
| Price | $2,325,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Conditions | Total Lot Size | 0.08 AC | |
| No. Lots | 1 | Opportunity Zone |
Yes
|
| Price | $2,325,000 |
| Sale Type | Investment |
| Sale Conditions | |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.08 AC |
| Opportunity Zone |
Yes |
1 Lot Available
Lot 1
| Price | $2,325,000 | Lot Size | 0.08 AC |
| Price Per AC | $30,924,133 |
| Price | $2,325,000 |
| Price Per AC | $30,924,133 |
| Lot Size | 0.08 AC |
ASKING PRICE: $2,325,000 $89 PER BUILDABLE SQ. FT. Prime 485-X tax abatement eligible with the ability to stay under 99 Units. 20% affordable @ 80% of AMI in return for 38 year tax abatement.
Description
We’re excited to present a prime development opportunity at 155-01 Jamaica Avenue, Jamaica, NY 11432. This strategically located property on the north side of Jamaica Avenue, between 153rd Street and Parsons Boulevard, offers a 3,144 sq. ft. retail building with 24’ of frontage. Beyond its current retail use, the property holds immense development potential, allowing for mixed-use, residential, commercial, and community facility ventures. The property details include a lot size of approximately 25’ x 131’ (3,275 sq. ft.) and C6-3 zoning. Notably, the residential floor area ratio (F.A.R.) stands at 6.0, with the potential to reach 8.0 with an Inclusionary Housing Bonus. This translates to a residential buildable sq. ft. of approximately 19,650 sq. ft., expandable to 26,200 sq. ft. with inclusionary housing. Additionally, the commercial F.A.R. is 8.0, providing for a commercial buildable sq. ft. of approximately 26,200 sq. ft., along with a community facility buildable sq. ft. of 26,200. The financial aspects of the property include a NYC Tax Assessment for 22/23 at $302,400, with taxes amounting to $32,960. This property’s exceptional location and flexible zoning make it an enticing prospect for developers looking to capitalize on the vibrancy of Jamaica Avenue and explore diverse development opportunities. Now with the 485-x tax abatement back in place and the "City of Yes" this has become a strong development play at one of the cheapest price per square foot asking prices in the area!
PROPERTY TAXES
| Parcel Number | 09754-0047 | Improvements Assessment | $56,520 |
| Land Assessment | $257,850 | Total Assessment | $314,370 |
PROPERTY TAXES
zoning
| Zoning Code | C6-3, DJ (Residential F.A.R, Inclusionary Housing F.A.R, Commercial F.A.R, and Community Facility F.A.R) |
| C6-3, DJ (Residential F.A.R, Inclusionary Housing F.A.R, Commercial F.A.R, and Community Facility F.A.R) |
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155-01 Jamaica Ave - Retail/Mixed-Use Development Site
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