### Vacant Jamaica Retail Property Sold for Redevelopment
Marcus & Millichap has successfully closed the sale of a 14,257-square-foot retail property located at 89-61 162nd Street in Downtown Jamaica, Queens. The asset was sold for $4,350,000.
“We had a tremendous amount of activity on this site, as it offers 51,600 square feet of buildable residential space, located right off the busiest destination retail street in Queens,” said Scott Plasky. “There is strong demand for mid-sized development sites like this, and ownership was very pleased with the results.”
Plasky and Billy Stephan IV, investment specialists from Marcus & Millichap’s Manhattan office, represented the seller and secured the buyer, a local private investor.
Situated between Jamaica and 89th Avenues, the three-story property was delivered vacant, offering immediate lease-up or redevelopment opportunities. The current zoning allows for up to 51,600 buildable square feet, which can increase to 61,920 square feet with the Inclusionary Housing Bonus.
