Plans for 36,915 sq ft Residential Building with Community Space
Total Air Rights of 66,196 sq ft
153-33 89th Avenue Jamaica Queens
Development Site with Additional Air Rights
Asking $5,600,000
Dan BradyThe Corcoran Group
917-202-5609
Copyright 2019 Corcoran.
5750 sq ft Vacant Lot 50’ X 115’ R7A, DJ Zoning
153-33 89th Avenue, Jamaica, NY 11432
Dan Brady
The Corcoran Group917-202-5609
2
4 Market Overview
5 Inquiries
1 Property Overview
2 Proposed Development
3 Neighborhood Overview
153-33 89th Avenue, Jamaica, NY 11432 Development Plans for 36,915 sq ft
Residential/Community Space
66,196 sq ft Total Air Rights Available
5750 sq ft Vacant Lot
R7 DJ Zoning
3
Dan Brady
The Corcoran Group
917-202-5609
153-33 89th Avenue, Jamaica, NY 11432
Property Overview
153-33 89th Avenue, Jamaica, NY 11432153-33 89th Avenue is a
vacant lot, currently used
for parking, now available
for development in
Jamaica, Queens. With 50
feet of frontage along 89th
Avenue and 115 feet deep
into the block, the
property offers ample
room for development.
Opportunities to purchase
single lots with this much
frontage and depth of the
lot are extremely rare.
Dan Brady
The Corcoran Group917-202-5609
5
153-33 89th Avenue, Jamaica, NY 11432Presently, R7A zoning allows for 23,000 sq ft to be built on a lot of this
size, but 153-33 89th Street also has legal claim to all the development
rights from an adjoining property (43,196 sq ft).
Therefore, the current owner has plans for a 36,915 sq ft residential
development that includes a 2433 sq ft community space that can be
provided to the new owner.
Dan Brady
The Corcoran Group917-202-5609
6
153-33 89th Avenue, Jamaica, NY 11432
Confirmation of this arrangement can be found in the title search
of the zoning lot development agreement between the then owner of 88-22
Parsons Blvd and the current owner of 153-33 89th Avenue, dated
December 18, 2003.
Dan Brady
The Corcoran Group917-202-5609
7
153-33 89th Avenue, Jamaica, NY 11432
The zoning lot merger granted 153-33 89th Avenue rights
to the 94,104 sq ft available on both 153-33 89th Street
and 88-22 Parson Boulevard.
Dan Brady
The Corcoran Group917-202-5609
8
153-33 89th Avenue, Jamaica, NY 11432
The 27,908 sq ft existing building on the Parson’s lot could
remain, but nothing further could be built. This agreement further
guaranteed that the owner of 88-22 Parson’s Boulevard would
never oppose development at 153-33 89th Avenue.
Dan Brady
The Corcoran Group917-202-5609
9
153-33 89th Avenue, Jamaica, NY 11432
Any future building erected at 88-22 Parsons Avenue must also
comply with the restrictions agreed upon in the zoning lot merger.
Dan Brady
The Corcoran Group917-202-5609
10
153-33 89th Avenue, Jamaica, NY 11432
Moreover, the zoning lot merger guarantees the mandatory
cooperation of future owners of the property at 88-22 Parsons
Avenue.
Dan Brady
The Corcoran Group917-202-5609
11
Proposed Development153-33 89th Avenue, Jamaica, NY 11432
Rendering
153-33 89th Avenue, Jamaica, NY 11432
Development Plans
The current owner of 153-33 89th Avenue purchased the
development rights from 88-22 Parsons Boulevard so
that he might build a 36,915 sq ft residential development
that includes a 2433 sq ft community space.
Dan Brady
The Corcoran Group917-202-5609
13
Rendering
153-33 89th Avenue, Jamaica, NY 11432
Sub-Cellar Plans
call for 5752 sq ft of parking, including a car lift
and 11 parking spaces.
Dan Brady
The Corcoran Group917-202-5609
14
Rendering
153-33 89th Avenue, Jamaica, NY 11432
Cellar Plans
call for 5752 sq ft of space for building mechanicals,
building laundry, the car lift, and an additional 11
parking spaces.
Dan Brady
The Corcoran Group917-202-5609
15
Rendering
153-33 89th Avenue, Jamaica, NY 11432
1st Floor Plans
include access to the car lift, the lobby, and 2433 sq ft
of proposed medical office space. In addition, there are
plans for a 960 sq ft courtyard to satisfy light and air
requirements with the adjoining property. As 153-33
89th Avenue owns the development rights to that property,
a new owner could develop as deep as the rear lot line, as
long as light and air requirements are met with respect to
the existing building next door.
Dan Brady
The Corcoran Group917-202-5609
16
Rendering
153-33 89th Avenue, Jamaica, NY 11432
2nd Floor Plans
include 4356 sq ft of residences, 6 units total. Three are
studio apartments and three are one-bedroom apartments.
Dan Brady
The Corcoran Group917-202-5609
17
Rendering
153-33 89th Avenue, Jamaica, NY 11432
3rd through 7th Floor Plans
include 4356 sq ft of residences, 6 units total. Three are
studio apartments and three are one-bedroom apartments.
Dan Brady
The Corcoran Group917-202-5609
18
Rendering
153-33 89th Avenue, Jamaica, NY 11432
8th Floor Plans
include 3600 sq ft of residences, 5 units total. One is a
studio apartment and four are one-bedroom apartments.
Dan Brady
The Corcoran Group917-202-5609
19
Rendering
153-33 89th Avenue, Jamaica, NY 11432
9th Floor Plans
include 3600 sq ft of residences, 5 units total. One is a
studio apartment and four are one-bedroom apartments.
Dan Brady
The Corcoran Group917-202-5609
20
Rendering
153-33 89th Avenue, Jamaica, NY 11432
Roof Floor Plans
include 1016 sq ft of rooftop recreation.
Dan Brady
The Corcoran Group917-202-5609
21
Rendering
Neighborhood OverviewJamaica, NY
153-33 89th Avenue, Jamaica, NY 11432After years of speculation, false starts, and stalled projects, it
might finally be safe to say that Jamaica, Queens is having its
moment. In 2016, Governor Andrew Cuomo awarded $10
million to the neighborhood that could be used toward
initiatives that would kick-start economic development and
long-awaited projects like The Crossing at Jamaica Station and
several other high-rise towers are now making swift progress.
High-rise residential buildings aren’t the only thing that’s taking shape throughout Jamaica. A few new hotels are in the
pipeline, along with a few smaller mixed-use developments,
many helmed by lesser-known developers and architects.
--Curbed Jan 11, 2018
Dan Brady
The Corcoran Group917-202-5609
23
Rendering
153-33 89th Avenue, Jamaica, NY 11432Armed with some of the best transportation in the city, Jamaica’s proximity to
Manhattan, Long Island and JFK Airport makes the neighborhood a viable
option for residents, commuters and tourists. As land prices in other parts of
Queens, namely Long Island City, and New York City have become steep,
developers have turned to Jamaica’s strong infrastructure and its large unmet
retail needs for future projects. A flurry of developments in the area coupled
with public investment has Jamaica well on its way to becoming a major regional
and economic center in New York City.
The Greater Jamaica Development Corporation is currently working on over $90
million worth of infrastructure improvements that aim to transform the
neighborhood into a destination rather than a stop between destinations.
--Ariel Property Advisors
Dan Brady
The Corcoran Group917-202-5609
24
153-33 89th Avenue, Jamaica, NY 11432Major investment in the area of Jamaica began in 2003, when the City put $1.9 billion into
the construction of the AirTrain to JFK Airport, and rezoning 368 blocks of the
downtown core in 2007.
According to data from the Greater Jamaica Development Corporation, with all the
commercial and residential projects underway, the area is expecting 3,000 housing units,
500,000 s/f of retail space, and 800 hotel rooms over the next five years.
The once neglected neighborhood is also drawing new national retailers and chain
restaurants, such as Burlington Coat Factory, Swedish clothing giant H&M, Chipotle and
Starbucks.
According to real-estate listing service StreetEasy, Jamaica's real-estate prices are rising the
fastest out of all localities in New York City. The community's median home prices rose
39% in 2015
Dan Brady
The Corcoran Group917-202-5609
25
Market OverviewJamaica, NY
153-33 89th Avenue, Jamaica, NY 11432
Dan Brady
The Corcoran Group917-202-5609
27
Active sales pricing in Jamaica is surprisingly strong, given its initial appeal as a source of inexpensive land. Because of the generous
buildable square footage allowed by Jamaica zoning, finding price-per-square-foot averages above $1000 is not difficult.
Finding similar pricing for commercial condos and mixed-use buildings, however, is quite impressive.
153-33 89th Avenue, Jamaica, NY 11432
Dan Brady
The Corcoran Group917-202-5609
28
Recent Sales not only re-affirm that pricing, but point out other important trends: lessoning new land sales and a lack of new
residential property inventory.
153-33 89th Avenue, Jamaica, NY 11432
Dan Brady
The Corcoran Group917-202-5609
29
Jamaica is the home of new development. The following is an incomplete list of upcoming projects:
130-29 90th Avenue: 90-apartment, nine-story building nearly 70,000 square feet.
143-18 Liberty Avenue: 6-story, mixed-use building home to a 76-room hotel along with 12 apartments.
148-18 Hillside Avenue: 80-apartment nine-story mixed-use building.
The Crossing at Jamaica Station: 2 towers, one 14 stories and the second 26 stories, for a total of 669 apartments along with retail space and 187
parking spaces.
148-36 89th Ave: 27-apartment building.
147-36 94th Avenue: 26-story residential development of 379 studios, one-, and two-bedroom rentals.
150-11 89th Avenue: 4-building residential complex with 324 apartments.
153-10 89th Avenue: 7-story building with 17 apartments.
88-56 162nd Street: 7-story residential building with 51 apartments.
92-32 Union Hall Street: 6-story, 110-room hotel with retail.
89-50 164th Street: 12 story building with 177 affordable rentals, a 63-car garage, a 9,261-square-foot community center, and 14,616
square feet of commercial space.
90-02 168th Street: More than 300 apartments and 70,000 square feet of retail.
92-61 165th Street: 14-story, 89-unit building with 7,234 square feet of commercial and retail space.
165-20 Archer Avenue: 206-room Holiday Inn Express.
92-23 168th Street: Mixed-use project with 389 affordable apartments, 61,000 square feet of retail, and 19,000 square feet of community
space.
153-33 89th Avenue,
Jamaica, NY 11432
Dan Brady
The Corcoran Group917-202-5609
30
Looking back over time, the Jamaica commercial sales market has undergone a remarkable amount of activity, some of it quite volatile.
The first quarter of 2018 saw almost $60 million is sales, while the fourth quarter of that year saw less than $10 million.
153-33 89th
Avenue, Jamaica,
NY 11432
Two nearby buildings give an excellent window into the prospects of residential
rental development at 153-33 89th Avenue. Parkhill City, 152-09 88th Avenue, is a
2017 8-floor apartment building with 57 units. The Parsons Windsor, 88-20 Parsons
Boulevard, is an older 2007 building with 33 units. The former has up-to-date condo-
like finishings while the latter is more modest.
Parkhill City averaged $31 ppsf for its latest rentals that can be verified by specific
square footage date, although StreetEasy states the building has averaged $34since
its opening in 2017.
The Parsons Windsor has averaged $25.
Dan Brady
The Corcoran Group917-202-5609
31
Rental Comparables
153-33 89thAvenue, Jamaica, NY 11432
If 153-33 89th Avenue were to be purchased at the asking and developed to its fully-planned 36,915 sq ft, the costs would be as follows:
Land purchase: $5,600,000
Development hard and soft costs for rentals: $300 ppsf* for 36,915 sq ft = $11,074,500
Total: $16,674,500
For our purposes, it is agreed that there is a loss factor of 10% for hallways, stairs and elevator (-3,692 sq ft), so the rentable residential square footage is 33,223 sq ft.
Income:
From residential (34,482 sq ft planned), 30,790 sq ft @$34 ppsf (source StreetEasy)= $1,046,860 annually
The medical community space, 2433 sq ft @ $28 ppsf (source: CoStar) = $68,124 annually
Total annual income: $1,114,984
If 10% of the gross is used as an estimate of annual expenses, then the Net Income is: $1,003,485.60, and the Cap Rate for the rental development is 6.02%
*much of the soft costs are complete if present plans and zoning analysis are used
Dan Brady
The Corcoran Group917-202-5609
32
Rental Development Analysis
153-33 89thAvenue,
Jamaica, NY 11432
Condominium development is where is 153-33
89th Avenue might get interesting.
The Parsons Windsor, 88-20 Parsons Boulevard, used in the
rental comp analysis, is the only nearby building developed
as condos. As an older building built in 2007, its design
and finishes are out-of-date with today’s market. The two latest sales in the building reflect that, averaging about
$500 ppsf. Given the lack of inventory as competition and
the greater appeal of a new design, a new condo
development at 153-33 89th Avenue might be a huge
success. If commercial condos have sold for $716 ppsf
(see page 27) recently, residential condominiums should
average $700 ppsf or more.
Dan Brady
The Corcoran Group917-202-5609
33
Condo Comparables
153-33 89thAvenue, Jamaica, NY 11432
If 153-33 89th Avenue were to be purchased at the asking and developed to its fully-planned 36,915 sq ft, the costs would be as follows:
Land purchase: $5,600,000
Development hard and soft costs for rentals: $350 ppsf* for 36,915 sq ft = $12,920,250
Total: $18,520,250
For our purposes, it is agreed that there is a loss factor of 10% for hallways, stairs and elevator (-3,692 sq ft), so the sellable residential square footage is 33,223 sq ft.
Income:
From residential (34,482 sq ft planned), 30,790 sq ft @$700 ppsf = $21,553,000
The medical community space, 2433 sq ft @ $716 ppsf (source: CoStar) = $1,742,028
Total Sellout: $23,295,028
*much of the soft costs are complete if present plans and zoning analysis are used
Dan Brady
The Corcoran Group917-202-5609
34
Condominium Development Analysis
153-33 89th Avenue, Jamaica, NY 11432
Dan Brady
The Corcoran Group917-202-5609
35
Obviously, given all the development begun over the last few years, new available space to build in Jamaica is at a premium. Large lots with room to easily build are few. The legal permission to over-build is almost non-existent.
153-33 89th Avenue has all of these valuable qualities in one location.
Asking is $5,600,000.
For all inquiries, please contact
Dan Brady Orion Talley
Licensed RE Salesperson Licensed RE Salesperson
Office: 718.422.2529 Office: 718.422.2590
Mobile: 917.202.5609 Mobile: 828.231.3566
Thank youCopyright 2018 Corcoran