NEW YORK CITY — JLL Capital Markets has arranged the $31.7 million sale of a 57,035-square-foot lot at 70-35 113th 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. The buyer was a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties.
The proposed project encompasses a 235,679 square-foot market-rate multifamily development, in addition to an 82,559 square-foot affordable senior 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 percent of respondents identifying assisted living as the most sought-after investment opportunity in 2021.
The project is only three blocks from the Forest Hills-71st Ave. E, F, M and R train, and four blocks from the Forest Hills LIRR station, providing access to eight rail lines. In addition, the site is in close proximity to Queens Boulevard, the Brooklyn-Queens Expressway, the Long Island Expressway and Grand Central Parkway.
The JLL Capital Markets team representing the seller was led by Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and 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,” says Mazzara. “The proximity to major mass transit lines and the rich neighborhood atmosphere make Forest Hills one of Queens’ most dynamic submarkets.”