Two-project development site in Forest Hill, Queens sells for $31.7M

NEW YORK, June 4, 2021 – JLL Capital Markets announced today that it has closed the $31.7 million sale of a 57,035-square-foot lot at 70-35 113^th Street in Forest Hill, Queens, with plans for two multi-housing development projects totaling 318,238 square feet.

JLL worked on behalf of the seller, Jasper Venture Group to complete the sale to the buyer, a partnership of Top Rock Holdings, RJ Capital Group & SYU Properties.

The proposed project encompasses a 235,679 square-foot free-market multi-housing development, in addition to an 82,559 square-foot senior affordable living development.

A recent survey by JLL revealed that, after a trend toward more lifestyle-focused segments of seniors housing, participants are moving to more traditional and need-driven segments, with 37% of respondents identifying assisted living as the most sought-after investment opportunity in 2021.

70-35 113^th St. is only three blocks from the Forest Hills-71st Ave. E, F, M and R train, enabling residents to reach Long Island City in 20 minutes and Manhattan in 25 minutes. The property is four blocks from the Forest Hills LIRR station, providing access to eight rail lines. In addition, the site is in close proximity to Queens Blvd., the Brooklyn-Queens Expressway, the Long Island Expressway and Grand Central Parkway.

The JLL Capital Markets team representing the seller was led by Vice Chairmen Stephen Palmese and Brendan Maddigan, Managing Directors Michael Mazzara, Winfield Clifford and Ethan Stanton and Vice President Patrick Madigan.

“Residential demand in Forest Hills has increased dramatically as the influx to neighborhoods, such as Long Island City and Astoria, have spread further into Queens,” Mazzara said. “The proximity to major mass transit lines and the rich neighborhood atmosphere make Forest Hills one of Queens’ most dynamic submarkets.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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