The Crossing At Jamaica Station JAMAICA | QUEENS JAMAICA | QUEENS JAMAICA | QUEENS C JAMAICA | QUEENS JAMAICA | QUEENS JAMAICA | QUEENS DEVELOPER: LEASING AGENT: C The Crossing At Jamaica Station ARTICLE Jamaica’s rich pickings drawing builders on hunt for cheap land By Holly Dutton, Deals & Dealmakers Publication (Real Estate Weekly) April 29, 2015 In a city where location and access to transit is king, one neighborhood in Queens is looking to capitalize on its excess of trains, and its proximity to JFK Airport. Jamaica is served by the E,J, Z, and F trains, as well as the Long Island Railroad (LIRR) and the AirTrain, and is just five miles from JFK Airport. Mayor Bill de Blasio’s administration recently unveiled the Jamaica Now Action Plan, a 21-point plan to help revitalize the area. Many of the items on the plan are slated to be completed within three years, while some had already been announced, like the EDC’s plan to redevelop the 168th Street NYPD garage into a mixed-income complex that will include housing units, retail and a community center. Also in the plan is the development of one to four-family houses, condos, co-ops, and smaller affordable rental buildings at 11 sites in the South Jamaica area. Streetscape improvements along Jamaica Avenue, an entrepreneurship program to help train locals at starting new businesses, more NYPD cameras in high-traffic areas, an arts alliance and public art projects are all part of the plan as well. The city will also be giving new incentives to owners of aging and vacant properties near the Air Train/LIRR station, in an attempt to add additional housing and retail. A handful of business improvement districts with the neighborhood of Jamaica, put the area front-and-center at a breakfast last week, in an effort to draw interest to the far east neighborhood that is hoping to see big changes in coming years.Developers, retailers, and members of the community discussed the issues holding the area back — including a dearth of restaurant options in the area. Drew Greenwald, principal of Grid Prop- erties, believes one of downtown Jamaica’s main thoroughfares — Sutphin Boulevard — could be the next 125th Street in Harlem. Greenwald’s firm developed Harlem USA on 125th Street in Harlem, a 285,000 s/f, six- level retail and entertainment complex anchored by a movie theater. “We would love to find a large enough site to do a project here like in Harlem,” said Greenwald at the breakfast. “We want to keep making statements.” The area’s old zoning regulations had been in place since the early 1960’s, until 2007, when the City Council adopted a proposal by the Department of City Planning to establish a special district and rezone a large por- tion of downtown Jamaica. That 368-block rezoned area in downtown Jamaica translates to 5,200 new units of housing, 1.8 million s/f of commercial office space, 2.1 million s/f of retail space, and 1,000 to 2,000 hotel rooms, according to the Sutphin Boulevard BID. Development lagged in the immediate years following the rezoning, but is finally starting to pick up, with a slew of new projects in the works. The BRP Companies, a minority developer, is currently developing The Crossings at Jamaica Station, a $350 million mixed-use complex of two buildings with 580 apartment units total, and 104,000 ± s/f of retail, which will be spread across the first three floors in one building and the first floor in the other building. Amenities at the building will include a fitness center, lounges, terraces, and a rooftop garden. “We had a lot of success in areas like Bed-Stuy that were upzoned, and we’ve seen an influx of folks in that area,” said Steven Smith, managing director of BRP Properties. “We would love to replicate that here in Jamaica.” On Sutphin Boulevard and 94th Avenue, directly across from the AirTrain/LIRR station — which links directly to JFK Airport — Able Management, a minority developer specializing in hospitality, is building a 26-story, 260-room Hilton Garden Inn. Brian Sarath, a director of sales in the capital markets division of Cushman & Wakefield, closed a deal at 163-05/25 Archer Avenue for $22 million. The site consists of two contiguous lots with a combined 719,736 buildable square feet, and was the largest deal in downtown Jamaica in the last 15 years. Sarath cited the “much lower” land prices in Jamaica as compared to the rest of New York City as a big reason investors are going to Jamaica. “The transportation is unparalleled in many neighborhoods,” said Sarath. “The future looks extremely bright.” © 2015 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. C The Crossing At Jamaica Station MARKET OVERVIEW Mixed-use Residential & Retail development including 600-units of affordable & market rate residential units in 2 towers, with 100,000 SF of retail space on 3-levels Located in a 368-block rezoned area in Downtown Jamaica which includes 5,200 new Housing Units, 1.8M square feet of Office Space, 2.1M square feet of Retail and 1,500 new hotel rooms 258,000 people ride the ubway & LIRR Tr & in daily daily 8 Minute Commute to/from AirTrain JFK carried 6,487,118 paid passengers in 2014, with another 10 million using the service for free on-airport travel. to Penn Station: 15 Minute Commute (9 out of 10 LIRR lines pass through Jamaica Station) York College : 8,000 Students Daily pedestrian count: 21,827 Valet Parking can accommodate 300 cars Delivery :: Spring of 2018 by © 2015 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. C The Crossing At Jamaica Station queens retail market aerial COLLEGE POINT CENTER MANHATTAN TRIANGLE CENTER SHOPS AT NORTHERN BLVD NASSAU COUNTY QUEENS COUNTY PLAZA 48 SKY VIEW CENTER QUEENS PLACE OUTLET QUEENS CENTER THE SHOPS AT GRAND AVENUE REGO CENTER Z 800,000 +/- SF Retail Development REGO CENTER I REGO CENTER II METRO MALL AUSTIN STREET RETAIL SHOPS AT ATLAS PARK C QUEENS COUNTY KINGS COUNTY AIR TRAIN Downtown Jamaica Facts • 2 Universities with over 1,645 faculty members and 29,700 students resulting in $58 Million in annual spending. • 260,000 visitors per day • Major Employers include: U.S. Social Security Service Center, CUNY’s York College, U.S. Food & Drug Administration’s regional headquarters & laboratory, Queens Family, Civil & Supreme Courts, New York City Finance Department, Long Island Railroad headquarters, Queens Motor Vehicle Department Center * Information from JamaicaCenter.org © 2015 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. C The Crossing At Jamaica Station NEW DEVELOPMENTS MAP New Developments 168TH STREET REDEVELOPMENT RETAIL MALL 79,978 SF 2-LEVEL RETAIL Existing Theaters/Hotels 64 ROOMS WITH MEETING 160,000 SF MALL WITH 550+ DEVELOPMENT WITH FACILITIES PARKING GARAGE RESIDENTIAL apartMENT BUILDING DEVELOPER: BLUMENFELD WITH 435 ROOMS & 202 parKING SpaCES MODA DEVELOPERS: NYC RFP RESIDENTIAL DEVELOPMENT 12 STORY, 346 UNIT apartMENT BUILDING & 21 apartMENTS 50,000 SF RETAIL BUILDING ACHS MANAGEMENT RETAIL DEVELOPER: TCX DEVELOPMENT DEVELOPER: THE DERMOT COMpanY 180,000 SF MALL WITH 550+ parKING PARK HAVEN ApartMENTS GARAGE 102 UNITS DEVELOPERS: ALEX ADJMI & YORKSIDE TOWERS BOBBY CAYRE 180 apartMENTS 3,400 SEATS STUDY AREA AND EXISTING ASSETS VISION FOR JAMAICA THE NORMAN TOWERS MARY IMMPartnershipsACULATE HOSPITAL among CONVER theSION City, Queens 324 ApartMENTS NEW RESIDENTIAL apartMENT DEVELOPER:Borough THE President,CHETRIT GRO UGreaterP Jamaica JAMAICABUILDING WITH 101 apartMENTS Development Corporation, Regional Plan DEVELOPER: BLUESTONE ORG. Association, York College, community, NOW and private sector will build upon existing