155-01 Jamaica Ave, Jamaica, NY 11432
0.08 Acres of Residential Land Offered at $2,325,000 USD in Jamaica, NY 11432
For Sale
Active
Asking Price $2,325,000
- Sale Condition
- High Vacancy Property
- Property Type
-
Land
- Square Feet
- 3,485 SF
Listing Contacts
Brian Sarath
Property Overview
We’re excited to present a prime development opportunity at 155-01 Jamaica Avenue, Jamaica, NY 11432. This strategically located property on the north side of Jamaica Avenue, between 153rd Street and Parsons Boulevard, offers a 3,144 sq. ft. retail building with 24’ of frontage. Beyond its current retail use, the property holds immense development potential, allowing for mixed-use, residential, commercial, and community facility ventures.
The property details include a lot size of approximately 25’ x 131’ (3,275 sq. ft.) and C6-3 zoning. Notably, the residential floor area ratio (F.A.R.) stands at 6.0, with the potential to reach 8.0 with an Inclusionary Housing Bonus. This translates to a residential buildable sq. ft. of
approximately 19,650 sq. ft., expandable to 26,200 sq. ft. with inclusionary housing. Additionally, the commercial F.A.R. is 8.0, providing for a commercial buildable sq. ft. of approximately 26,200 sq. ft., along with a community
facility buildable sq. ft. of 26,200.
The financial aspects of the property include a NYC Tax Assessment for 22/23 at $302,400, with taxes amounting
to $32,960. This property’s exceptional location and flexible zoning make it an enticing prospect for developers looking to capitalize on the vibrancy of Jamaica Avenue and explore diverse development opportunities. Now with the 485-x tax abatement back in place and the "City of Yes" this has become a strong development play at one of the cheapest price per square foot asking prices in the area!
The property details include a lot size of approximately 25’ x 131’ (3,275 sq. ft.) and C6-3 zoning. Notably, the residential floor area ratio (F.A.R.) stands at 6.0, with the potential to reach 8.0 with an Inclusionary Housing Bonus. This translates to a residential buildable sq. ft. of
approximately 19,650 sq. ft., expandable to 26,200 sq. ft. with inclusionary housing. Additionally, the commercial F.A.R. is 8.0, providing for a commercial buildable sq. ft. of approximately 26,200 sq. ft., along with a community
facility buildable sq. ft. of 26,200.
The financial aspects of the property include a NYC Tax Assessment for 22/23 at $302,400, with taxes amounting
to $32,960. This property’s exceptional location and flexible zoning make it an enticing prospect for developers looking to capitalize on the vibrancy of Jamaica Avenue and explore diverse development opportunities. Now with the 485-x tax abatement back in place and the "City of Yes" this has become a strong development play at one of the cheapest price per square foot asking prices in the area!
Property Details
- Property Subtype
- Residential/Multifamily
Highlights
- Prime development opportunity!!!
- Prestigious Location positioned in the heart of the Jamaica commercial corridor.
- Located in a transportation hub that is blocks from the Jamaica train station, Jamaica center subway, and the Jamaica center bus terminal
- High exposure with 24' if premium frontage in a highly trafficked area. .
- Impressive F.A.R. limits provide an allowance of up to 26,200 BSF
- Great Location! Close proximity to local access points.
All available spaces
- Space
- Lot 1
- Size
- 3,485 SF
- Price
- $2,325,000
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].