Laboz family’s United American Land inks 23K lease with Target in Jamaica

Target Corporation, as tenant, signed a 10-year lease with the Laboz family’s United American Land through its entity 160 Jamaica, LLC for at 160-08 Jamaica Avenue in Jamaica. A memorandum of lease was signed on October 18, 2019 and was recorded on October 23, 2019
The Target rent starts at $773,874 per year, or about $34 per square foot blended. The 22,761-square-foot lease became effective on October 18 and the initial period is for 10 years, with four options of five years each after that. The last time the property sold was August 6, 2012, when United American Land bought it for $14,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the 133,458-square-foot building, on June 6, 2019.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $8,950,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $7,128,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.