A prime development site directly across from the Long Island Rail Road's Jamaica Station has sold for $25.5 million, clearing the way for a substantial mixed-use project in the heart of Downtown Jamaica. Approved plans call for roughly 306,454 square feet of retail and residential space with about 359 apartments, and a footing is already in the ground. Donal Flaherty of Investment Property Realty Group brokered the deal.
Deal details
According to New York Real Estate Journal, IPRG arranged the $25.5 million sale of 147-28/46 Jamaica Ave. and 147-23/27 Archer Ave. as a single development package. The outlet reports that Flaherty represented both the buyer and the seller and that the site already has approved plans and a poured footing.
What’s planned
As reported by Traded, the site is mapped for a 359-unit residential project tied to a 35-year 421-a tax incentive. The listing also notes that air rights from the Jamaica Avenue building were shifted onto the three Archer Avenue lots, effectively knitting them into a single, larger development site.
Past ownership
The property has already seen some behind-the-scenes maneuvering. PincusCo reported that the Chetrit Group paid about $19.3 million in 2022 for related parcels and associated air rights, with filings from that period outlining the same 359-unit plan. That history suggests the latest sale is another step in a longer process of assembling and fine-tuning a sizable, transit-oriented block in Downtown Jamaica.
Why it matters to Jamaica
The site falls within the Station Plaza planning area and sits directly across from the Jamaica transit hub, a focal point for public investment and streetscape upgrades. Per NYCEDC, the Station Plaza project and related work along Archer Avenue and Sutphin Boulevard are intended to support new retail and housing near transit while easing circulation for thousands of riders who move through the area every day.
What’s next
With plans approved and a footing poured, the project appears positioned to move into vertical construction, though the public still does not have a clear build-out schedule. The sale notice did not include a construction timeline or identify a final development sponsor beyond IPRG’s role, according to New York Real Estate Journal. Additional Department of Buildings filings and future broker updates are expected to shed light on timing, financing and any affordable housing requirements tied to the long-term tax abatement.
