9209 Union Hall St, Jamaica, NY 11433

92-09 Union Hall Street is a development opportunity in Downtown Jamaica in Queens, New York. The land rings in at 2,304 square feet and is completely cleared and leveled. The zoning is ideal for developers and investors as it is zoned C6-3, DJ, which permits many different uses. Currently, there are 14,040 square feet allowed to be built on this property. Up to 18,720 square feet can be utilized with inclusionary housing. In New York, there is a recently approved 485x tax abatement plan. This allows for new construction deals to have a 35- to 40-year tax abatement with the tradeoff of having 20% of the units at 80% of the average median income in the area while the rest of the units are free market. This allows for many potential uses for this asset. New ownership utilizes this 485x tax abatement plan while also making this a mixed-use property. First-floor retail space or an office space could be combined with multifamily to create multiple income streams.

The Southeast Queens multifamily submarket is an excellent place for development as an investor. The New York apartment market continues to be defined by many renters competing for a limited number of units. The vacancy rate in the Southeast Queens Submarket, at 2.5%, is tight when compared to others. The tight vacancy rate is partially a product of the slow pace of adding housing, as about 170 units have historically been added annually, which pales in comparison to Queen's overall population of nearly 2.4 million. With its proximity to JFK Airport, rental demand here is driven by the international hub's large employee base. Affordability has also historically been a demand driver, as units in Southeast Queens represent one of the best bargains at about 30% less than the metro average. Rents have grown by 1.1% over the past 12 months, which is below the metro average of 2.2%. The US Census estimates that more than half a million residents relocated out of New York City since 2020. Still, the vacancy rate in the Southeast Queens Submarket remains below its long-term historical average of 3.3%.

Downtown Jamaica has it all when it comes to amenities, which makes it the perfect locale for investors. This tight-knit community is no stranger to the hustle and bustle of the rest of New York. The downtown is filled with shopping, dining, and entertainment. Accessibility is a breeze, with many subway stops taking passengers to Manhattan and beyond. There are also many bus stops and major thoroughfares, allowing access to the rest of the city.

Take advantage of exceptional visibility and a sought-after destination in Queens at 92-09 Union Hall Street.