"The site is mapped for a 359-unit residential project tied to a 35-year 421-a tax incentive, with air rights from the Jamaica Avenue building shifted onto the three Archer Avenue lots."
"The property has already seen some behind-the-scenes maneuvering, with the Chetrit Group paying about $19.3 million in 2022 for related parcels and associated air rights."
"The site falls within the Station Plaza planning area and sits directly across from the Jamaica transit hub, a focal point for public investment and streetscape upgrades."
A development site across from Jamaica Station has been sold for $25.5 million, allowing for a mixed-use project. The approved plans include approximately 306,454 square feet of retail and residential space, featuring 359 apartments. The site has a poured footing, indicating progress. The project is linked to a 35-year 421-a tax incentive. Previous ownership involved the Chetrit Group, which acquired related parcels for about $19.3 million in 2022. The site is part of the Station Plaza planning area, aimed at enhancing transit-oriented development in Downtown Jamaica.
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