A development site at 94-01 Sutphin Blvd in Downtown Jamaica owned by the estate of Rita Stark is hitting the market, Crain’s first reported. The 1.4-acre parcel offers 742,000 SF buildable SF (ZFA). Stephen Preuss of Cushman & Wakefield has the listing.
- Backdrop: The previous building was demolished in 2007 by Washington Square Partners, who had leased the property with plans to build offices –– the project never came to fruition. This aerial video gives a good sense of the current site.
- Site located in Opportunity Zone: The Stark family had been trying to find a developer to build a new structure, but are now apparently looking to sell it outright. Zoning options have led investors to consider multi-family, medical offices, airport-related offices, schools, grocery, or transit-oriented retail.
- How we got here: Stark inherited the property from her father, real estate investor Fred Stark, who passed away in 1988. After she died in 2016, her brother, Harold, and his two sons became her portfolio’s beneficiaries and he is now managing the properties, according to Martin Miner, Stark’s attorney. [Crain’s]