Liberow and Ustoyev of Asset CRG Advisors complete $59.7 million sale

Queens, NY Asset CRG Advisors completed the sale of 94-01 Sutphin Blvd, a development site in the Downtown Jamaica neighborhood. Located on Sutphin Blvd., between 94th and 95th Aves., the property is comprised of a lot with a 60,138 s/f. Located adjacent to the Jamaica Station, the site is accessible by the JFK AirTrain, the Long Island Rail Road and the E, J, Z and F subway lines. 

The team of Sadya Liberow and Yuriy Ustoyev, managing partners, represented the buyer (Remsen Capital Management) and seller (Merkel Properties) in this transaction. The property was sold for $59.7 million achieving a price of $99 per buildable s/f. 

"Jamaica connects commuters to pretty much anywhere in the boroughs and Long Island. As one of the largest opportunity zoned developments in the country The buyer identified a unique opportunity to capitalize on a site in one of the most transit oriented neighborhoods" said Liberow.

The buyer has filed plans for 995 units across two buildings consisting of a total of 714,293 s/f. This will be one of the largest new developments filed in the last 12 months in the area.