United American Land sold development rights for $6M to Shorewood Real Estate Group

United American Land’s 160 Jamaica, LLC as owner sold development rights to Shorewood Real Estate Group’s Archer 1 LLC valued at $5.6 million for 2 parcels, including the tax class miscellaneous (K9) at 160-08 Jamaica Avenue, 160-05 Archer Avenue in Jamaica. The deal closed on July 31, 2019 and was recorded on August 05, 2019.
The property contains a total of 304,266 square feet of built space. The property has 170,760 square feet of available development rights.

The last time the property sold was August 06, 2012, for $14,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 06, 2019.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel. 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

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