NEW YORK, NY – March 6, 2012 – (RealEstateRama) — Ariel Property Advisors has been retained to sell a vacant, six-parcel development site at 148-46 Hillside Avenue near the vibrant downtown Jamaica regional business district in Queens. The asking price is $5.75 million.
“Currently the property is being used as a parking lot, but will be delivered vacant upon closing,” said Jonathan Berman, vice president of Ariel Property Advisors. “The six lots combined feature approximately 28,845 square feet, but the R7A zoning allows for approximately 115,380 buildable square feet. The site would be an excellent location for rental housing, and the 45 foot wide frontage along Hillside Avenue can be used for retail development.”
The development site is less than a mile from York College and the Long Island Railroad Station in downtown Jamaica, is walking distance to the J, Z, E, and F subway trains, and is right off Queens Boulevard and the Van Wyck Expressway.
The property is part of the NYC Department of Planning’s Jamaica Plan, adopted by the New York City Council in 2007. The plan created a Special Downtown Jamaica District to strengthen and revitalize downtown and foster a new gateway to the AirTrain Area, rezoned 368 blocks, and increased housing densities along wide streets with access to transportation. The Jamaica Plan’s Inclusionary Housing Program also promotes permanently affordable housing throughout downtown Jamaica and along Hillside Avenue.
According to the Greater Jamaica Development Corp., 643,000 residents live within five miles of downtown Jamaica, 158,000 people work in and around downtown, and there are 46,500 college students within five miles.
For details, please contact exclusive agents Mr. Berman, 212-544-9500, ext. 20, jberman (at) ariealpa (dot) com; Michael Tortorici, 212-544-9500, ext. 13, mtortorici (at) arielpa (dot) com; Shimon Shkury, 212-544-9500, ext. 11, sshkury (at) arielpa (dot) com; or Victor Sozio, 212-544-9500, ext. 12, vsozio (at) arielpa (dot) com.
Ariel Property Advisors is a New York City investment property sales firm. The firm produces a number of research reports including the Multifamily Month in Review: New York City; Northern Manhattan Sales Report; and Northern Manhattan Fundamentals Report. More information is available at arielpa.com.
Photo caption:
Ariel Property Advisors has been retained to sell 148-46 Hillside Avenue in Jamaica, Queens.
Stay Connected:
• Ariel Property Advisors (para. 1)
http://arielpa.com/about/company/
• 148-46 Hillside Avenue (para. 1)
http://arielpa.com/listings/available-properties/148-46-hillside-avenue/
• Jonathan Berman (para. 2)
http://arielpa.com/about/team/jonathan-berman/
Gail M. Donovan
Director of Communications
Ariel Property Advisors
P: (212) 544¬9500 ext. 19
C: (917) 301¬5706
E: gdonovan (at) arielpa (dot) com
