$60 Million Archer Towers Development Sight in Downtown Jamaica is to be marketed.
Jamaica Tower, LLC whose owners are unknown has exclusively selected Cushman & Wakefield to market The Archer Towers development site located at 163-05/25 Archer Avenue in the heart of Downtown Jamaica. The asking price is listed at $60 million, or $83 per buildable square foot.
This development sight is set to be one of the biggest in Queens this year. Downtown Jamaica development has been increasingly active as of late, although we are unclear what the intended future use will be, the best use may be a luxury condo with a retail component on the bottom.
The property is currently improved by a 32,307-square-foot single-story retail strip, which includes a supermarket, food court and a Rent-A-Center, in addition to a 280,000-square-foot eight-story parking garage currently not in operation. The As-of-Right buildable square footage of the property is approximately 676,552, while the maximum buildable square footage is approximately 719,736 with inclusionary housing.
.A Cushman & Wakefield team of Executive Director, Stephen R. Preuss and Director, Daniel A. Abbondandolo is leading the efforts.
“The value of the property lies in its development potential. With a prime location in the heart of a lively urban center, the site makes itself available to a number of opportunities,” said Executive Director Stephen R. Preuss. “Downtown Jamaica’s reputation as a transportation hub and the established commercial corridors like Jamaica Avenue, offer maximum exposure for people looking to grow their presence within a vibrant community.”