QUEENS — A Flushing-based company dropped $22 million to buy the largest property in Downtown Jamaica in nearly 10 years — and are planning to build market rate housing along with retail, sources said.
The project is the latest among a number of new real estate developments proposed for downtown Jamaica, which has been dynamically changing in recent years.
Jamaica Tower LLC bought the property at 163-05/25 Archer Ave., at Guy R. Brewer Boulevard, from Gertz Plaza Acquisition, according to Massey Knakal Realty Services, which facilitated the transaction.
The lots have the total space of nearly 90,000 square feet and buildable space of 720,000 square feet.
It’s the largest property sold in the Downtown Jamaica area in nearly 10 years, according to Brian Sarath of Massey Knakal.
Other large properties purchased in the area during the past decade include Jamaica Center, where the Jamaica Multiplex is located, which was bought in the early 2000s.
There is also a lot at Archer Avenue and 168th Street, acquired in 2005, where a Home Depot was built, according to Sarath.
“This sale signifies the return of the residential development market in Downtown Jamaica,” said Sarath in a statement, adding that more than 10 developers have expressed interest in buying the property.
“It is the largest site to trade since the [economic] downturn and will be a catalyst for the Jamaica development market moving forward.”
The Flushing-based group also owns another site on Archer Avenue, near 149th Street, where the company is planning to build a hotel, sources said.
The group did not return phone calls seeking comment.