BY TRONE DOWD
Tuesday Night, GFI Realty Services, LLC announced that it had made the single biggest acquisition of property in the history of Jamaica.
Located at 150-01 through 150-11 88th Ave, the 79,200 square foot property comprises six four-story buildings. With a total of 96 walk-up apartments and eight storage units between them, GFI Realty purchased the sprawling complex for a whopping $21.5 million, breaking previous records of property purchases in the transforming neighborhood.
“Given that there are several signs the Jamaica neighborhood is on the rise, we were able to meet the seller’s expectations for this portfolio by securing a price that was among the highest for this area,” said GFI Realty Associate Director of Investment Sales Josh Orlander.
According to a press release shared with the public shortly after the purchase, a big part of the cost was the building’s prime location for outsiders coming into Southeast Queens. With its proximity to public transit and ease of access to the rest of the borough and Manhattan, it will be easier for prospective buyers and renters who want to live in the developing and trendy Southeast Queens area.
At $21.5 million, the breakdown of the investment equates to about $224,000 per unit.
“Jamaica is seeing some exciting developments at the moment, and this sale is certainly a testament to the increasing desirability of this section of Queens,” said Yosef Katz, GFI Realty’s Managing Director of Investment Sales. “In addition to the location, there are several features of these buildings that the buyer was particularly interested in, particularly the size of the units, which can easily be converted to add additional bedrooms.”
Realty site StreetEasy predicted last year that Jamaica will soon be hottest neighborhood in New York City for developers and renters alike. This acquisition is likely to be just the beginning of a surge in interest in the area.
In 2005, StreetEasy gave the same honor to Williamsburg in Brooklyn, a prediction that would come to fruition in the following decade.
In recent years, Jamaica has already seen commercial interest boom as several large-scale development projects, including the 240-key Hilton Garden Inn, a 584-unit rental project, and the conversion of the former Mary Immaculate Hospital to 324 apartments, are currently in progress.
Reach Trone Dowd at (718) 357-7400 x123, firstname.lastname@example.org or @theloniusly