Cushman & Wakefield announced today that the firm has been appointed the exclusive agent of three adjacent tax lots located at 22106-22126 Merrick Boulevard and 134-11 221st Street in Jamaica, Queens. The asking price is $10,250,000.
A Cushman & Wakefield team consisting of Senior Managing Director Stephen R. Preuss, Associate Director Denise Prevete, Senior Associate Kevin Louie and Senior Associate Andreas Efthymiou will be leading the marketing efforts on behalf of the seller, BP Real Estate Fund, LLC.
“These assets are ideal for retail and mixed-use development,” said Stephen R. Preuss of Cushman & Wakefield. “The buyer will have the opportunity to capitalize on the area’s newly constructed residential space and growing demand for retail.”
The lot’s existing buildings currently total 22,000 square feet and offer approximately 300 feet of frontage on Merrick Boulevard. The lots sit in a mixed C2-3/ R5D / R3A zoning, allowing for a combined total of 92,233 buildable square feet with a maximum 96,770 buildable square feet with community bonus. Upcoming approved plans for the site include a 22,000-square-foot retail shopping center with on-site parking.
Located in the Laurelton section of Jamaica, Queens, the property is surrounded by numerous retail options including Walgreens, The Home Depot and Key Food. The property is easily accessible by the Belt Parkway and situated less than 3 miles from JFK Airport.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.