Private Seller and Buyer close on a retail development site in Jamaica Queens for $1.1 million.
Owner and seller Anthony McKenzie has just sold his development site located on the corner of Merrick Boulevard and 108th Avenue. 107-65/67 Merrick Boulevard has a footprint of 8,410 square feet, due to its zoning the property offers 16,280 buildable square feet “as of right” for residential and commercial use . The transaction was done with all cash from an unknown buyer at $1.1 Million. The intended use looks to me a retail development.
CPEX Real Estate’s Development team lead by Sean Kelly and his associates Catherine Vintonik and Jason Weisfeld procured both the buyer and seller. Queensbeans reached out to the Development team for a comment, “As supply drops in the main corridors of Queens, you see an increase interest in secondary neighborhood development opportunities. Even though this is a relatively small deal, you can still see investors looking to neighborhoods like Flushing and Jamaica to find the right opportunity.” Said associate Catherine Vintonik.
As reported before, we are seeing countless smaller development opportunities that can be built and converted in to extremely desirable assets.