Press Releases
Marcus & Millichap Brokers $4.35 Million Sale of Vacant Retail Property in Downtown Jamaica
March 06, 2025
NEW YORK, Mar. 5, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 14,257-square-foot retail property in Downtown Jamaica, Queens, New York. The asset sold for $4,350,000.
“We had a tremendous amount of activity on this site, as it offers 51,600 square feet of buildable residential space, located right off the busiest destination retail street in Queens,” said Scott Plasky. “There is strong demand for mid-sized development sites like this, and ownership was very pleased with the results.”
Plasky and Billy Stephan IV, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor.
Located at 89-61 162nd St., the three-story building sits between Jamaica Avenue and 89th Avenue. The 9,280-square-foot ground-floor retail space was occupied by a discount store for 30 years, while the upper floors had been leased to the NYPD since 1987. The property was delivered vacant, offering immediate lease-up or redevelopment potential. Zoned C4-5X/R7X, it allows for up to 51,600 buildable square feet as of right, increasing to 61,920 square feet with the Inclusionary Housing Bonus.
“We had a tremendous amount of activity on this site, as it offers 51,600 square feet of buildable residential space, located right off the busiest destination retail street in Queens,” said Scott Plasky. “There is strong demand for mid-sized development sites like this, and ownership was very pleased with the results.”
Plasky and Billy Stephan IV, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor.
Located at 89-61 162nd St., the three-story building sits between Jamaica Avenue and 89th Avenue. The 9,280-square-foot ground-floor retail space was occupied by a discount store for 30 years, while the upper floors had been leased to the NYPD since 1987. The property was delivered vacant, offering immediate lease-up or redevelopment potential. Zoned C4-5X/R7X, it allows for up to 51,600 buildable square feet as of right, increasing to 61,920 square feet with the Inclusionary Housing Bonus.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
