Abro Management picks up 56,000 sf Jamaica property

Mixed-use building goes for $15M as area sees uptick in private investment

TRD New York /
May.May 27, 2014 03:45 PM

A six-story mixed-use property in Jamaica, Queens has sold for $15 million.

Abro Management purchased the 56,050-square-foot building at 89-16 175th Street, which houses 55 residential units, 12,000 square feet of professional office space and an on-site parking garage that accommodates 28 full-sized vehicles. Westchester-based Enclave Equities was the seller.

Ben Weiss and Greg Corbin of Besen & Associates represented both the buyer and seller in the transaction.

The property, originally developed as a condominium, is now operating as a luxury residential building, according to a release from Besen. A 15-year 421-a tax abatement is in place, along with a 25-year ICIP tax abatement. The property is located next door to Jamaica Estates and St. John’s University, and is near the Jamaica AirTrain station.

The sale comes two months after city officials announced a $225 million project for the corner of Jamaica’s Sutphin Boulevard and Archer Avenue — Downtown Jamaica’s largest infusion of private investment in decades. — Julie Strickland


Related Articles

arrow_forward_ios
S. Lawrence Davis and 160-05 Archer Avenue (Google Maps)

Shorewood scores $88M construction loan for first Opportunity Zone project

Shorewood scores $88M construction loan for first Opportunity Zone project
Joseph Chetrit and 88-20 153rd Street (Credit: Getty Images, Google Maps)

Chetrit plans fifth apartment building at Jamaica hospital site

Chetrit plans fifth apartment building at Jamaica hospital site
147-07 94th Avenue in Jamaica and Pheonix Realty Group president Keith Rosenthal (Credit: Google Maps)

Phoenix Realty, Artimus snag $181M loan for Jamaica resi project

Phoenix Realty, Artimus snag $181M loan for Jamaica resi project
Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

Chetrit nabs $200M refi for huge Jamaica project

Chetrit nabs $200M refi for huge Jamaica project
Jamaica is getting another resi development

Jamaica is getting another resi development

Jamaica is getting another resi development
Jamaica resi project lands $67M in loans

Jamaica resi project lands $67M in loans

Jamaica resi project lands $67M in loans
New 151-key Hilton hotel coming to Jamaica

New 151-key Hilton hotel coming to Jamaica

New 151-key Hilton hotel coming to Jamaica
Mattone puts Jamaica retail complex on the market for $175M

Mattone puts Jamaica retail complex on the market for $175M

Mattone puts Jamaica retail complex on the market for $175M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...