Assignments

Downtown Jamaica Covered Land Play

90-40 Parsons Blvd, Jamaica, NY 11432

90-40 Parsons Blvd, Jamaica, NY 11432

under contract

Asking
Sale Price
$
3330000

Property Details

Status
For Sale
Property Type
Residential Development Site
Price Summary
$
3330000
Sale Price
$
Buildable SF
26166
Building SF
26166
LOT SF
26166
Cap RATE
5
%
Zoning
C6-3,C4-5X,DJ

Highlights

  • 54’ x 74’ Lot Zoned C6-3/C4-5X
  • 26,166 BSF (Market). 31,389 BSF with UAP.
  • Covered Land Play – Projected Net Income of $169,234.
  • High Demand Retail and Residential Location.
  • Proximity to E,J,Z Subway Lines, LIRR, AirTrain
  • Located within Jamaica Neighborhood Plan
  • Proposed Zoning: C6-4, C6-3X – 12 FAR

Property DEscription

For the first time in 40 years, an unparalleled development opportunity has emerged on one of Jamaica's most prominent corridors. 90-40 Parsons Boulevard presents a prime development site, encompassing a substantial 3,972 square foot lot with an exceptional Walk Score of 98. Zoned C6-3/C4-5X with a Floor Area Ratio (FAR) of 6.59 or 7.90, this property allows for a significant buildable area of 26,166 Sq. Ft., expanding to 31,389 Sq. Ft. with the UAP. For visionary developers poised to capitalize on potential upzoning, the future ZFA for this property could further increase to approximately 43,284 Sq. Ft. with the affordability component, offering immense development potential. Strategically located just a few short blocks from the LIRR Jamaica station, this site offers seamless and rapid access to Manhattan, cementing its appeal for future residents or commercial tenants. Currently, the property comprises two existing buildings housing two residential units, one office, and three ground-floor retail spaces, generating a current projected annual income of $234,000. This property is exceptionally well-suited for a discerning rental developer or a strategic investor looking to capitalize on the robust growth and immense potential of Downtown Jamaica's booming real estate market. This is a rare chance to secure a significant footprint in one of New York City's most dynamic and rapidly evolving neighborhoods.

Map

Michael Lam
Associate
(646) 559-4700
mlam@landairnyc.com
Alexandre Goulet
Partner
(646) 559-4700
ag@landairnyc.com
Anand Melwani
Partner
(516) 658-1222
am@landairnyc.com

Documents

Offering Memorandum
Data Room

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