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NEW YORK, NY – October 13, 2015 – Ariel Property Advisors have been exclusively retained to sell 177-18 Wexford Terrace, a development site in Jamaica Estates and 116-29 Sutphin Boulevard, a commercial property in Jamaica. The properties are being marketed independently of one another.
Exclusive agents Daniel Wechsler and Michael A. Tortorici are bringing both properties to market, representing the owners.
“Various public initiatives on the state, city, and local level along with private investment are undoubtedly helping transform Jamaica into a more attractive and affordable destination to live, work and visit,” said Daniel Wechsler, Vice President at Ariel Property Advisors.
• 177-18 Wexford Terrace
The property is a 30’ x 120’ site which is zoned R7A and offers 12,420 square feet as of right, 14,400 square feet with a community facility bonus and 16,560 square feet with an inclusionary housing bonus. The FAR is 4.00 with a community facility and 4.60 with the inclusionary housing bonus. The site is located between two new developments: 177-16 Wexford Terrace, which will be an 8-story 20,000 square foot mixed-use building, and 177-30 Wexford Terrace, which received approval for a 62,000 square foot mixed-use facility. The property is one block from Hillside Avenue which provides residents with access to Manhattan via the F train and throughout Queens with numerous bus lines. Hillside Avenue is a major commercial corridor lined with grocery stores, drug stores, restaurants and many other neighborhood amenities. The property has an asking price of $1,780,000.
• 116-29 Sutphin Boulevard
This corner 3,430 square foot commercial building in Jamaica consists of three retail units each with street level and basement space. One unit is leased by a church that has occupied the building for 10 years whose current lease expires in 2016, the second unit is occupied by a laundromat that has a lease that expires in 2023 and currently, the third unit is vacant. The site sits on a heavily trafficked north/south thoroughfare in Southeastern Queens. Major retailers in the immediate vicinity include a brand new Dollar Tree, McDonalds, Subway and Dunkin Donuts. The property has an asking price of $1,250,000.
177-18 Wexford Terrace, a development site in Jamaica Estates
More information is available from the exclusive agents at 212-544-9500: Daniel Wechsler, ext. 44, dwechsler@arielpa.com and Michael A. Tortorici, ext. 13, mtortorici@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
