Asset CRG has successfully brokered the sale of 127-23 Merrick Boulevard, Jamaica, NY 11434, a fully occupied commercial property with significant development potential. The transaction, in which Asset CRG represented both the buyer and the seller, sold for $5,500,000, equating to approximately $408.43 per square foot.
Constructed in 1937, this one-story retail building encompasses 13,466 square feet on a 15,399-square-foot lot. The property features 11 commercial units and is situated in the Springfield Gardens neighborhood of Jamaica, Queens. Its strategic location offers proximity to various amenities and transportation options, enhancing its appeal for both tenants and future development prospects.
The Springfield Gardens area has experienced steady growth, with a mix of residential and commercial developments contributing to its dynamic character. The sale of 127-23 Merrick Boulevard underscores the neighborhood's attractiveness to investors seeking properties with stable occupancy and potential for future redevelopment.
