It’s not every day that you come across development sites in the outer boroughs that can take nearly a million square feet of development, nevermind in eastern Queens. But YIMBY’s come across two enormous pieces of land in the downtowns of Flushing and Jamaica, which show that the appetite for construction in New York City has spread far beyond the gentrifying fringe.
The first site, in downtown Flushing, is actually the second phase of the Sky View Parc complex. There, at 40-28 College Point Boulevard – actually at the entrance of Flushing from the west, on the river just south of Roosevelt Avenue – Massey Knakal is marketing a site with already approved plans for a 800,000-square foot residential project, with 619 condo units but room for a few hundred more.
The first phase of the project is already complete, with 448 condos and a massive 785,000-square foot retail component, with everything from Target to Restoration Hardware.
The condos in phase two, according to the listing, “will be even more desirable than Phase One’s, as the towers will have superior, unobstructed views of Manhattan from a higher elevation,” with no chance of being blocked as long as the Flushing River remains unfilled.
Any takers should act fast, though, as Massy Knakal’s Stephen Preuss told YIMBY that they’ve gotten a handful of offers above the $100 million range, and are looking to enter into a deal within the next couple of weeks.
It’s too late, however, for would-be buyers a few miles south, in downtown Jamaica. There, another Massey Knakal listing has just sold – a massive site on the corner of Guy R. Brewer Boulevard and Archer Avenue. The 90,000-square foot site sold for $22 million with 720,000 square feet of development rights – a bargain compared to other New York City neighborhoods at around $31 per buildable square foot.
“This sale signifies the return of the residential development market in downtown Jamaica,” Massey Knakal’s Brian J. Sarath, who handled the sale of 163-05/25 Archer Avenue, said in the press release. “It is the largest site to trade since the downturn,” adding that they “received numerous bids in a short period of time from developers that were priced out of other areas in the city.”
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