Mixed-use building goes for $15M as area sees uptick in private investment

From left: Besen & Associates’ Ben Weiss, Greg Corbin and 89-16 175th Street, Queens

May 27th, 2014, by TRD Staff

A six-story mixed-use property in Jamaica, Queens has sold for $15 million.

Abro Management purchased the 56,050-square-foot building at 89-16 175th Street, which
houses 55 residential units, 12,000 square feet of professional office space and an on-site
parking garage that accommodates 28 full-sized vehicles. Westchester-based Enclave
Equities was the seller.

Ben Weiss and Greg Corbin of Besen & Associates represented both the buyer and seller in
the transaction.

The property, originally developed as a condominium, is now operating as a luxury
residential building, according to a release from Besen. A 15-year 421-a tax abatement is in
place, along with a 25-year ICIP tax abatement. The property is located next door to Jamaica
Estates and St. John’s University, and is near the Jamaica AirTrain station.

The sale comes two months after city officials announced a $225 million project for the
corner of Jamaica’s Sutphin Boulevard and Archer Avenue — Downtown Jamaica’s largest
infusion of private investment in decades. — Julie Strickland