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.
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