Investment Overview

The subject offering is a 6,926 square foot development site located on the corner of Jamaica Avenue and 115th Street in Queen’s Richmond Hill (Jamaica) neighborhood. The property currently consists of a 5,269 square foot single-story retail bank building that had previously been occupied by Chase Bank since 2005. The space is currently vacant with Chase Bank having left this location. Chase still has an absolute NNN lease on this space through May 31, 2026. Current rent is $19,467 per month, with Chase paying all expenses on the site. Ownership has drafted plans to construct 32 units on this property, plus 5,093 SF of ground floor retail and a 5,093 SF lower level. The plans call for a seven-story building with 22 free market units and 10 affordable units, with 13 units being one bedroom, and the remaining 19 units being twobedroom units. The existing plans allow for the construction of this new 26,964 SF building to be built on top of the existing bank structure. This is an opportunity to acquire a corner development site, while also collecting income through May 2026 while finalizing plans. Plus, the project has massive cost savings by incorporating the existing building and foundation into the new plans.