X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

QUEENS, NY-A 60,000-sf building with prime retail frontage on Jamaica Avenue in Queens, is on the market. Located at 160-16 Jamaica Ave. between 160th Street and Union Hall Street, the pre-war, 10-story building offers 6,500 sf of ground floor retail space, 25-foot ceilings, plus a high-ceilinged selling basement.

Potentially the second floor could be used for retail as well. The remaining floors two through 10 could easily be divided between two office tenants or four residential lofts. Two passenger elevators serve floors one through 10, one of which also serves the basement.

The upper floors enjoy extraordinary light and air given the 12-foot ceilings, large windows, and 360-degree unobstructed views. Ronda Rogovin, a broker at Eastern Consolidated, who is marketing the property, tells GlobeSt.com that the current owner is local owner Jamaica Equities. Although she would not disclose a price, she says that they are “expecting the ultimate selling price to show a buyer between a 6.5 to 7.5% return for the two to three floors of the most prime retail,” she explains. “The upper 40,000 plus sf remaining would be gravy.”

“The variety of permitted uses for this property, namely office, residential, or affordable housing, would give the new owner a chance to opt for best use according to current market conditions, and the flexibility to change that use in the future,” she says. “What’s most attractive is the building’s retail component. The three floors of the most prime retail selling space should generate a net income of well over $1 million. With the retail alone providing an above average return on the anticipated selling price, the upper floors represent a major upside.”

Rogovin tells GlobeSt.com that the upper floors are good for converting to residential use for condo or rental apartment more so than office space. She adds that the property has had interested buyers and it is easy to show because it is one of the few high rises in the area.

Jamaica Avenue, a major retail thoroughfare, accommodates such national retailers as the Gap, Old Navy, Home Depot and Marshalls. Gertz Plaza Mall is nearby and all the shopping is within easy walking distance of Jamaica Station serving the LIRR, subway lines E, J, and Z, and the AirTrain to JFK Airport. The property will be delivered vacant. The bid deadline is Sept. 25.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.