With Jamaica emerging as the latest frontier for development in the city, one developer plans to erect a hotel on the site of a vacant three-family home right in the heart of the neighborhood.
CPEX announced the completion of the $1 million sale of 145-07 95th Ave. in Jamaica to Pride Hospitality, which plans to demolish the home and build a 48-room hotel in its place.
The site is ideal for a hotel, according to CPEX, as the location is within walking distance of the Jamaica Station, which connects riders with the E and J/Z subway lines, the Long Island Rail Road and the AirTrain to John F. Kennedy Airport.
The new hotel would go up two blocks away from the corner of Archer Avenue and Sutphin Boulevard, where the BRP Development Corporation plans to build a $225 million, 22-story tower featuring 80,000 square feet of retail space and 400 apartments.
“We are big believers in the Jamaica, Queens, market,” said Sean Kelly, managing director of CPEX’s Development and Conversion Investment Sales Team, which represented the seller. “Developers’ confidence in this market continues to grow. They are attracted by the density, flexible zoning, affordable land prices, some of the best transportation in all of New York City and the established retail and office market in this central business district.”