Highcap Group sells parking lot across Queens County Court House for residential development

Queens, NY Josh Goldflam, co-founder and principal of Highcap Group, along with investment sales associate Hiroki Tsutsumi have arranged the sale of the parking lot located at 88-22 Sutphin Blvd. in Jamaica. The property was sold for $5.475 million in an all cash transaction that recently closed this month.

The property is situated on Sutphin Blvd. between 88^th and 89^th Aves. The parking lot is located across the street from the Queens Country Court House and has served the area for many decades. The property has 75 ft. of frontage on Sutphin Blvd. and was delivered free and clear of its parking lot operator. The property has a C4-4A zoning which carries a floor to air ratio of 7.2 for residential developments. This will allow a developer to build a 58,392 s/f building as of right on the lot.

Goldflam said “We are still seeing a very strong demand from local residential developers for well-located and vacant development sites that will support NYC’s new mandatory inclusionary housing initiatives. This parking lot was well known by anyone who has visited Queens County Court House as it sits directly across the street and provides parking for all courthouse visitors and staff. We are marketing many other development sites for sale, please reach out directly for additional information.”