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Prime Corner Jamaica Retail 161-21 Jamaica Ave
13,300 SF Retail Condo Unit Online Auction Sale Jamaica, NY 11432
Investment Highlights
- Take advantage of a top value-add retail opportunity with the acquisition of 161-21 Jamaica Avenue, a multi-tenant retail condo in Jamaica, New York.
- 161-21 Jamaica Avenue provides new ownership with stable rental income and significant upside through leasing or occupying the existing vacancy.
- Jamaica is an affluent neighborhood in Queens showcasing an average household income of $94,276 within a 2-mile radius.
- Located along the area’s busiest retail corridor, tenants benefit from unrivaled visibility to high-volume vehicle and pedestrian traffic.
- Jamaica Avenue is one of the highest rents per square foot streets and busiest destination retail corridors in Queens.
- In the same radius, consumers spend over $3 billion annually with approximately 60% spent specifically on retail-related goods and services.
Executive Summary
161-21 Jamaica Avenue presents an incredibly rare opportunity to acquire a well-maintained asset in one of Queen’s leading retail locations. The property is established in the heart of Downtown Jamaica and is surrounded by a wealth of national retailers, including Target, H&M, Burlington Coat Factory, Chipotle, Old Navy, Shake Shack, and Primark. 161-21 Jamaica Avenue sits one block from the Jamaica Center Train Station, served by the E, Z, and J subway lines, and the LIRR Jamaica Station, which sees over 12 million riders annually. This 13,300-square-foot, two-story retail condominium is located on the corner of Jamaica Avenue and 162nd Street in Downtown Jamaica, the busiest destination retail corridor in all of Queens. The ground floor consists of 6,800 square feet split into two units. The 4,000-square-foot corner space is leased to Healthfirst, a provider-sponsored health insurance company that serves more than 1.8 million members in downstate New York. They are one of the nation’s largest not-for-profit health insurers, with 23 locations throughout New York. The remaining 9,300-square-foot space, which will be delivered vacant, comprises 2,800 square feet on the ground floor and 6,500 square feet on the second floor. This space was formerly operated by a large restaurant and bar. The space is vented and conveys with all of the restaurant equipment in place. There is an additional 5,000 square feet on the lower level. This offering sits below a five-story, 40,108-square-foot office building. The office portion of the building, which is not included in the sale, shares responsibility for the building’s exterior façade with ownership of the retail portion of the building, 161-21 Jamaica Avenue. Jamaica is a bustling urban district located in the heart of Queens, New York. Teeming with cultural diversity, shopping hubs, and global cuisine, this transit-rich locale has it all. Jamaica is well-known as a transportation core, connecting John F. Kennedy International Airport to the rest of the New York City Metropolitan. The Grand Central Parkway bisects the neighborhood, the Long Island Rail Road intersects with subway lines, and the JFK AirTrain connects to the airport. With Manhattan just a short drive or ride away, residents and visitors of Jamaica enjoy a niche blend of urban and suburban amenities. Property tours are available by appointment only. Please contact the listing broker to schedule.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Property Facts
| Unit Size | 13,300 SF | Floors | 7 |
| No. Units | 1 | Typical Floor Size | 7,630 SF |
| Total Building Size | 53,408 SF | Year Built | 1908 |
| Property Type | Retail (Condo) | Lot Size | 0.20 AC |
| Property Subtype | Storefront Retail/Office | Opportunity Zone |
Yes
|
| Sale Type | Investment | Sale Conditions | Auction Sale |
| Building Class | C |
| Unit Size | 13,300 SF |
| No. Units | 1 |
| Total Building Size | 53,408 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Storefront Retail/Office |
| Sale Type | Investment |
| Building Class | C |
| Floors | 7 |
| Typical Floor Size | 7,630 SF |
| Year Built | 1908 |
| Lot Size | 0.20 AC |
| Opportunity Zone |
Yes |
| Sale Conditions | Auction Sale |
1 Unit Available
Unit Retail
| Unit Size | 13,300 SF | Sale Type | Investment |
| Condo Use | Retail | APN/Parcel ID | 09760-1001 |
| Unit Size | 13,300 SF |
| Condo Use | Retail |
| Sale Type | Investment |
| APN/Parcel ID | 09760-1001 |
About South Queens
Howard Beach is a waterfront community in southern Queens, with the Ozone Park to the north and Jamaica Bay to the south. The Cross Bay Boulevard traverses Howard Beach, leading to the Jamaica Bay Wildlife Refuge and the famous Rockaway Beach. The majority of housing stock here is in single-family homes, some of which have docks directly into the water in Spring Creek. The idyllic setting attracts wealthy residents: The median household income is more than $100,000, especially high compared to other areas in Queens.
Without the tourists and daytime office workers of some other New York City markets, retailers here serve the local population. The tenant landscape is heavily skewed toward neighborhood amenity retailers like The Food Emporium, Planet Fitness, and Ace Hardware. New retail construction is rare, which has bolstered occupancy and rent growth, and stable demographics help make Howard Beach an attractive investment market.
DEMOGRAPHICS
Demographics
Amenities
- Air Conditioning
Nearby Major Retailers
zoning
| Zoning Code | C4-2 (Regional commercial center located outside of the central business districts) |
| C4-2 (Regional commercial center located outside of the central business districts) |
Sale Advisor
Sale Advisor
Scott Plasky, Senior Vice President Investments
Mr. Plasky earned his first Marcus & Millichap promotion in 2009 and was then promoted to Senior Associate in October 2012. He was promoted to Vice President of Investments in July 2014. Mr. Plasky has listed and sold more retail properties in the Metro New York area than any other agent within the firm since he joined Marcus & Millichap. Prior to joining Marcus & Millichap, Mr. Plasky was the founder and principal owner of Velocity Sports Performance, a Manhattan-based athletic performance training center. He grew Velocity, from a single client in 2004, into a high-level sports training center. Since its founding in 2004, Velocity has trained over 5,000 people and over 200 NFL players.
Mr. Plasky is a member of the National Retail Group, the Net Leased Properties Group, and the International Council of Shopping Centers. He graduated from New York University's Stern School of Business earning a bachelor's degree in Finance. While at NYU, he was a member of the Men's Basketball Team.
About the Auction Platform
-
Scott Plasky -
Marcus & Millichap
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Prime Corner Jamaica Retail | 161-21 Jamaica Ave
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