Asset CRG Advisors is pleased to announce the successful brokerage of the sale of 94-01 Sutphin Boulevard in Downtown Jamaica, Queens, NY 11435. One of the largest Opportunity Zone developments in the country, this prime property offers a significant opportunity for large-scale development. The site, encompassing a total lot area of 60,138 square feet, was sold for $59.7 million, reflecting a value of approximately $99 per buildable square foot.
The buyer has filed development plans, consisting of two buildings totaling approximately 1,045 residential units and approximately 720,248 square feet of space. This project is poised to take advantage of the site's proximity to the Jamaica Long Island Rail Road (LIRR) station, a key transportation hub offering access to the LIRR, the AirTrain to JFK Airport, and multiple subway lines. This unparalleled access positions the property as a prime candidate for transit-oriented development. As a designated Opportunity Zone, the site offers substantial tax incentives for developers, further enhancing its investment appeal. The transaction underscores the increasing interest in Downtown Jamaica as a growing focal point for large-scale developments and urban revitalization.
Managing Partners Yuriy Ustoyev and Sadya Liberow represented both the buyer and the seller in this deal, reinforcing Asset CRG Advisors’ reputation as a trusted leader in the real estate investment and development sector.
