Highcap Group, has completed the sale of 102-14 Jamaica Ave. in the Woodhaven section for $1.37 million. Goldflam represented both the seller and purchaser.
The one-story retail taxpayer building was originally built in 1941 and consists of 4,505 s/f with 53 ft. of frontage on Jamaica Ave. The property consists of one retail tenant, a billiards hall, which has a triple net lease on the entire building with eight years remaining. Since the property is only one story, there are 11,731 s/f of air rights that may be used in the future for commercial or residential development. The property, located between 102nd and 104th Sts. on Jamaica Ave. under the J/Z subway line and is blocks from Woodhaven Blvd. on a busy retail strip of the avenue.
The property sold for $1.37 million which represents a capitalization rate of 8.2%, and a sales price of $304 per existing s/f and $85 per buildable s/f.