NEW YORK—United American Land has purchased a three-story, commercial shell located at 160-08 Jamaica Avenue in Queens for $14 million. The property, which has been vacant for two decades, includes 156,000 buildable sq. ft. and is the largest retail redevelopment on Jamaica Avenue.
Petra Capital Management tapped GFI Realty Services Inc. to exclusively market the property. Yosef Katz, a director at GFI Realty Services, represented both Petra Capital and the buyer in the transaction.
“GFI was hired exclusively by Petra Capital to bring the property to market and it was only after several different targeted marketing strategies and numerous potential buyers was GFI able to secure the right buyer for the property,” said Katz. “United American Land plans to gut renovate the property and lease it to a major big box retailer within the next six months.”
Located on a commercial corridor, the property is nearby such retailers as Verizon Wireless, Walgreens, Old Navy and Modell’s, among others.