Cushman & Wakefield announced today that Jamaica Tower, LLC has exclusively selected the firm to market The Archer Towers development site located at 163-05/25 Archer Avenue in the heart of Downtown Jamaica. The asking price is listed at $60 million, or $83 per buildable square foot.

A Cushman & Wakefield team of Executive Director, Stephen R. Preuss and Director, Daniel A. Abbondandolo is leading the efforts.

“The value of the property lies in its development potential. With a prime location in the heart of a lively urban center, the site makes itself available to a number of opportunities,” said Executive Director Stephen R. Preuss. “Downtown Jamaica’s reputation as a transportation hub and the established commercial corridors like Jamaica Avenue, offer maximum exposure for people looking to grow their presence within a vibrant community.”

The property is currently improved by a 32,307-square-foot single-story retail strip, which includes a supermarket, food court and a Rent-A-Center, in addition to a 280,000-square-foot eight-story parking garage currently not in operation. The As-of-Right buildable square footage of the property is approximately 676,552, while the maximum buildable square footage is approximately 719,736 with inclusionary housing.

Located on the corner of Archer Avenue and Guy R. Brewer Boulevard, the site is in close proximity to CUNY York College and the Jamaica Colosseum Mall, as well as several well-known retailers including Foot Locker, Modell’s Sporting Goods and The Home Depot.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.