C&W Tapped to Market Queens Towers
- Aug 22, 2016
New York—Cushman & Wakefield was selected to market the Archer Towers development site located in Queens’ downtown Jamaica. C&W Executive Director Stephen Preuss and Director Daniel Abbondandolo will lead the marketing efforts.
The property, which has an asking price of $60 million, is owned by Jamaica Tower LLC. Situated at 163-05/25 Archer Ave., the site has a 719,736-square-foot maximum buildable surface and an additional 32,307-square-foot single-story retail strip, which includes a supermarket, food court and a Rent-A-Center. The building also comes with an eight-story, 280,000-square-foot parking garage currently not in operation.
“The value of the property lies in its development potential. With a prime location in the heart of a lively urban center, the site makes itself available to a number of opportunities,” said Preuss in a prepared statement.
The site is located in close proximity to CUNY York College and the Jamaica Colosseum Mall, as well as several large retailers, including Foot Locker, Modell’s Sporting Goods and Home Depot.
Image courtesy of Cushman & Wakefield