Assignments

Jamaica Avenue Site in Pending Rezoning

155-01 & 155-03 Jamaica Avenue, Jamaica, NY 11432

155-01 & 155-03 Jamaica Avenue, Jamaica, NY 11432

under contract

Asking
Sale Price
$
5200000

Property Details

Status
For Sale
Property Type
Residential Development Site
Price Summary
$
5200000
Sale Price
$
Buildable SF
24628
Building SF
24628
LOT SF
24628
Cap RATE
%
Zoning
C6-3, DJ

Highlights

  • 46’ x 132’ Assemblage Measuring 6,047 Sq. Ft. located in downtown Jamaica.
  • Flexible Zoning of C6-3, DJ Allows for 45,473 BSF (Market)
  • Located within Jamaica Neighborhood Plan. Pending rezoning to C6-4. Pending BSF to 72,564 Sq. Ft. (MIH)
  • Fire Easement in the rear lot allows for access during and after construction.
  • Windows on (3) Sides Due to location adjacent to a graveyard.
  • Large Floorplate and 46’ of Frontage on Jamaica Avenue.

Property DEscription

This property features a midblock lot spanning 3,275 square feet, located in the highly desirable Jamaica Avenue corridor. Measuring 25 feet by 131 feet, this site offers excellent potential for development in a prime location. Furthermore, the site is within the Jamaica Neighborhood Plan, with a pending upzoning to C6-4. Zoned C6-3/R9, DJ, the property allows for the construction of a market-rate residential building up to 24,628 square feet. Additionally, under the Universal Affordability Preference, the development potential increases to approximately 29,541 square feet, making it an exceptional opportunity for affordable housing projects. Currently, the site hosts a 3,144-square-foot commercial/warehouse building occupied by a month-to-month tenant, providing potential short-term income while planning for re-development. This property offers a unique opportunity to capitalize on Jamaica's thriving market and favorable zoning regulations.

Map

Michael Lam
Associate
(917) 536-3676
mlam@landairnyc.com
Alexandre Goulet
Partner
(646) 559-4700
ag@landairnyc.com
Anand Melwani
Partner
(646) 559-4700
AM@landairnyc.com

Documents

Offering Memorandum
Data Room

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