Tag Archives: CPEX

Developers set to bring 48-room hotel to Jamaica site

| rpozarycki@queenscourier.com

Photo via Google Maps

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.”


Large downtown Jamaica development site listing for $24M

| lguerre@queenscourier.com

Photo courtesy of CPEX   

A huge development site a block away from the downtown Jamaica transportation hub is selling for $24 million.

The 35,000-square-foot site, which comprises a few lots from 147-07 to 147-37 on 94th Avenue, allows up to 420,000 buildable square feet, according to real estate firm CPEX, which is marketing the site.

World Wide Food Products, a longtime seafood company, has been at the property since 1975, according to DNAinfo.

Downtown Jamaica has been the talk of much major development recently. Last year, officials announced construction of a 210-room, 24-story hotel nearby the LIRR and AirTrain station at 93-43 Sutphin Blvd.

Earlier this year, the Greater Jamaica Development Corporation, a nonprofit that has been working to transform the neighborhood, announced the development of a $225 mixed-use, 29-story residential and commercial tower on the site it owns at 93-01 Sutphin Blvd.

In October, a 90,000-square-foot building and parking garage at 163-05 and 163-25 Archer Ave. traded hands for $22 million. It has 719,736 square feet of buildable space.

Also, nearby York College, which is located across from the building and parking garage, hopes to help usher in development and new businesses as a START-UP NY site, and is offering new businesses about 3.5 acres of land on-campus.


Community urges new Ridgewood Theater owners to discuss site plans

| mhayes@queenscourier.com

THE COURIER/File photo

The curtain might be closed for good at the Ridgewood Theater.

The 1915 building has been vacant since March 2008, said Theodore Renz, executive director of the Myrtle Avenue Business Improvement District (BID). In 2010, the Guzman brothers took over ownership and intended to put a supermarket in the building, but the plan was never implemented. The brothers are now selling, with the new owners expected to come in at the end of May, according to George Danut of the CPEX brokerage firm.

“Whatever the new owners have in mind, it will be good if they engage the community going forward,” said Mercy Wong, co-founder of the We Love Ridgewood Theater group and member of Community Board 5.

Danut said the new owners, whose names could not be disclosed due to terms of the sale, shelled out $7 million for the property. With the facade registered as a landmark, the new owners plan to renovate the building shortly after the deal is closed. They plan to put in a retail space on the bottom floor and convert the top into a residential spot, Danut said.

But not so fast, said Ridgewood residents.

Wong has worked since 2010 to revitalize the vacant theater with hopes of making it an entertainment venue. She and the group have reached out to community leaders and politicians to see what can be done, and said the Guzmans’ sale “threw them for a loop.”

“Generations of Ridgewood residents have gone to the theater,” Wong said. “They’ve gone on their first dates there, gone to prom [and] graduated high school. It has a really deep history in the neighborhood.”

Danut said the new owners have retail and residential properties in Brooklyn that have done well, so “they know what they’re doing.” Community members still want to sit down and discuss options for the space.

“Whether the new owners will be receptive to what the community wants, that I can’t tell you,” Renz said.

Wong said she has spoken with people that live in the area or have been to the theater, and many want the site restored as something entertainment-related or even as a theater.

“This is a cause worth saving,” Wong said. “The owners could be risking the identity of the building.”

Renz said BID is open to discussions with the owners and simply wants to restore the site to viable use.

Once the new owners have officially moved in, Renz was told they would meet with him and other community representatives.

“We’re open to any kind of adaptive use,” Renz said. “If they decide to do housing on the upper [level], maybe they’ll allow the bottom to go to entertainment use. We can help each other.”

“At least listen to us,” he added. “That’s all we’re asking at this point.”

The Guzman brothers could not be reached for comment as of press time.