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New York

Jamaica sees biggest land deal of the decade with $22M sale

Flushing-based developer is planning market-rate housing with retail component

163-05 Archer Avenue in Jamaica, Queens
163-05 Archer Avenue in Jamaica, Queens

A Flushing-based developer paid $22 million for a property in Downtown Jamaica, the largest to be sold in the neighborhood in almost 10 years.

Jamaica Tower LLC bought 163-05 Archer Avenue, at Guy R. Brewer Boulevard, from Gertz Plaza Acquisition, according to DNAinfo. The developer is planning to build market-rate housing at the site as well as retail.

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Massey Knakal Realty Services brokered the transaction.

The site consists of two lots — multiple stores as well as a seven-story parking garage are currently located there — and a total of 720,000 square feet of buildable square feet.

According to the website, this is the developer’s second purchase in the area. Jamaica Tower also owns a site on Archer Avenue near 149th Street where the developer is planning to build a hotel. [DNAinfo] — Claire Moses