Long vacant building in Jamaica sells for $14 million, big box retail coming

Projected concept of a redeveloped 160-08 Jamaica Avenue. Image source: The Real Deal

The Real Deal reports today that a long-vacant property (empty for 20 years) in Jamaica, Queens (GMAP) was recently sold for $14 million to Manhattan developer United American Land – it is 57,000 square feet and the deal includes 100,000 feet of air rights. After the property is redeveloped, the plan is to lease it to a big box retailer. Petra Capital Management was the seller of the property and Yosef Katz, senior broker with GFI Realty Services marketed it.

The entry of a big box store in a neighborhood can sometimes be met with resistance by a community. In this part of Jamaica, though, there are plenty of big name chains already established – Bally’s Total Fitness, Duane Reade (owned by Walgreens), various fast food joints (Taco Bell and Burger King, for example), and Applebees are within a block of this property. And the fact that the building has been unoccupied for 20 years, might lean the community towards acceptance. Anyone have any thoughts?

Long-vacant Jamaica space to house big box retailer [The Real Deal]