Question – Is JAMAICA the next frontier?
Look out Long Island city, look out Astoria, look out Flushing, because Jamaica is going through a development boom. As Brooklyn’s prices rise they have caused a domino effect and spill over into western Queens such as Long Island City and Astoria. Individuals and families that have been priced out, are looking for alternatives. Jamaica has long been overlooked, but with zoning changes in 2007, developers are looking at Jamaica in a big way. With great subway access, as well as being a Long Island Railroad hub, Jamaica is now ripe for development and well positioned for it.
This past March the city announced a $225 million project planed in Jamaica on Sutphin Boulevard and Archer Avenue. BRP Companies was announced as the developer to construct in place of the existing Duane Reade according to DNAinfo back in March.
Over the summer, Queens developer George Xu, who has developments and properties that span across the borough, filed an application for a 100,000 development in the area for 120 residential units.
Just a few weeks ago, another developer, Chris Xu, set plans for his $22 million purchase on Archer avenue back in October. He expects three hotels, an apartment building and a supermarket.
Another local pioneer, who entered the Jamaica market early, is developer, TCX, who is currently completing a project at 190-11 Hillside avenue (see photo), while starting others at 177-30 Wexford Terrace, and 177-16 Wexford Terrace. TCX just released their most recent rendering from the DeFonseca Architects who designed the building (see rendering).
According to Managing Partner at TCX, Mr. Shlomi Asherian, 177-30 Wexford Terrace will be a, 54,000 square foot, 68-unit mix of mostly one and two-bedrooms with a couple studios and ten penthouse units. They project studios to start at $1,550 per month, one and two-bedrooms to start at $1,750 and $2,200 and the penthouses to start at $2,600. Forty-seven parking spaces will be available and the building will have a 9,500 square foot community facility space.
177-16 Wexford Terrace will be about a third of the size of 177-30 and offer primarily one-bedroom units with a couple two-bedroom penthouse units. Mr. Asherian noted that, the F train allows for a 35-minute ride into midtown,
which gives Manhattan based employees a great stretch of their dollar compared to what is available to them on the waterfronts.
Another TCX Partner, Mr. Joshua Asherian added, “…The quality and design will be at par with Manhattan and Downtown Brooklyn apartment units. Modern kitchens and bathrooms; stainless steel throughout. Sleek designs and open layouts. Similar to our project at 190-11 Hillside… [which] has been underway and will be renting around March of 2014. The Wexford projects have tentative completion dates of March 2016 [177-16 Wexford] and September 2017 [177-30 Wexford].”
TCX acquired 177-30 Wexford for approximately $55 per buildable square foot and 177-16 Wexford for approximately $40 a buildable square foot according to Mr. Joshua Asherian.
This is sizable return and compared to what is going on in Western Queens, one can project the rest of Jamaica to follow similar patterns as in the west. As the density and demand rises for Jamaica while the supply diminishes how long will it be before we see $200-$300 per buildable square foot in Jamaica?
190-11 Hillside Avenue