(Read more on the multifamily market.)
QUEENS, NY-A 60,000-sf building with prime retail frontage on Jamaica Avenue in Queens, is on the market. Located at 160-16 Jamaica Ave. between 160th Street and Union Hall Street, the pre-war, 10-story building offers 6,500 sf of ground floor retail space, 25-foot ceilings, plus a high-ceilinged selling basement.
Potentially the second floor could be used for retail as well. The remaining floors two through 10 could easily be divided between two office tenants or four residential lofts. Two passenger elevators serve floors one through 10, one of which also serves the basement.
The upper floors enjoy extraordinary light and air given the 12-foot ceilings, large windows, and 360-degree unobstructed views. Ronda Rogovin, a broker at Eastern Consolidated, who is marketing the property, tells GlobeSt.com that the current owner is local owner Jamaica Equities. Although she would not disclose a price, she says that they are "expecting the ultimate selling price to show a buyer between a 6.5 to 7.5% return for the two to three floors of the most prime retail," she explains. "The upper 40,000 plus sf remaining would be gravy."
"The variety of permitted uses for this property, namely office, residential, or affordable housing, would give the new owner a chance to opt for best use according to current market conditions, and the flexibility to change that use in the future," she says. "What's most attractive is the building's retail component. The three floors of the most prime retail selling space should generate a net income of well over $1 million. With the retail alone providing an above average return on the anticipated selling price, the upper floors represent a major upside."
Rogovin tells GlobeSt.com that the upper floors are good for converting to residential use for condo or rental apartment more so than office space. She adds that the property has had interested buyers and it is easy to show because it is one of the few high rises in the area.
Jamaica Avenue, a major retail thoroughfare, accommodates such national retailers as the Gap, Old Navy, Home Depot and Marshalls. Gertz Plaza Mall is nearby and all the shopping is within easy walking distance of Jamaica Station serving the LIRR, subway lines E, J, and Z, and the AirTrain to JFK Airport. The property will be delivered vacant. The bid deadline is Sept. 25.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
