.avif)
Successful Sale of 178-02/26 Hillside Avenue in Jamaica, Queens
Bob Knakal successfully closed the sale of 178-02/26 Hillside Avenue, a prime development site located in the heart of Jamaica, Queens. The sale underscores our team’s ability to navigate complex land deals and deliver superior outcomes for clients. This transaction was handled by Bob Knakal with the support of the BKREA team.
With approximately 142,000 buildable square feet, this prominent corner property presented a compelling opportunity for high-density development in a rapidly transforming neighborhood.
Development Site Sales - For the complete list click here Development Sites
Sale Details
The site traded for $10,750,000 on July 24, 2014, at a price of approximately $75.70 per buildable square foot (BSF). The buyer, Archer Capital Management, recognized the site’s long-term value, while the seller, Bruce S. Povman, a high-net-worth individual, capitalized on increasing land values in the Jamaica corridor.
- Sale Price: $10,750,000
- Price per BSF: $75.70
- Buyer: Archer Capital Management
- Seller: Bruce S. Povman
- Date Closed: July 24, 2014
- Asset Class: Development Site
Property Details
Positioned on the prominent corner of Hillside Avenue and 179th Street, the site lies within one of Queens’ busiest commercial and transit corridors. This section of Downtown Jamaica is known for its development-friendly zoning and extensive transportation infrastructure, including the nearby 179th Street subway station.
- Address: 178-02/26 Hillside Avenue, Jamaica, NY 11432
- Zoning: Development site, likely high-density residential or mixed-use
- Total Buildable SF: 142,000
- Block / Lot: 9937 / 52
- Lot Configuration: Assemblage of three buildings on a single tax lot
- Submarket: Jamaica, Queens
Investment Highlights:
- High-traffic location near major transit hub
- Over 140,000 buildable square feet
- Strong visibility along Hillside Avenue
- Ideal for residential or mixed-use redevelopment
Market Strategy and Positioning
This sale occurred during a pivotal period for Jamaica’s redevelopment, driven by rezonings and city-led investment in infrastructure. The property was marketed to developers seeking long-term growth in transit-accessible submarkets. Bob Knakal’s deep understanding of zoning and buyer strategy allowed him to position this site effectively, maximizing its exposure and value.
The team’s strategic approach highlighted the location’s proximity to transportation, educational institutions, and new development, attracting competitive interest and culminating in a swift, successful transaction.
Neighborhood Overview
Jamaica is one of Queens’ most dynamic neighborhoods, serving as a transportation and cultural hub for the borough. Its close proximity to JFK Airport, major highways, and multiple subway and rail lines makes it a prime target for residential and mixed-use growth.
Nearby Highlights:
- 179th Street Subway Station – Less than two blocks away
- York College and St. John’s University – Nearby educational anchors
- Jamaica Center – Vibrant shopping, dining, and commercial core
- AirTrain JFK Terminal – Quick access to JFK International Airport
Conclusion
The sale of 178-02/26 Hillside Avenue exemplifies the power of strategic brokerage and in-depth market knowledge. Bob Knakal’s ability to position this site in the context of a growing development pipeline was key to achieving a premium price per buildable square foot. This transaction further demonstrates BKREA’s expertise in guiding high-value land deals across Queens and beyond.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions
Q1: What is the development potential of 178-02/26 Hillside Avenue?
With approximately 142,000 buildable square feet, the site is ideal for a mixed-use or high-density residential development near major transit.
Q2: Why is Jamaica, Queens a desirable location for developers?
Its connectivity, rezoning initiatives, and proximity to JFK Airport make Jamaica a prime target for long-term investment.
Q3: When did this sale close and at what price?
The transaction closed on July 24, 2014, for $10,750,000, reflecting a price of $75.70 per buildable square foot.
