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QC02052015

REAL ESTATE EXPANSION OF BAYSIDE CHURCH UNDERWAY BY LIAM LA GUERRE lguerre@queenscourier.com/@LiamLaGuerre Construction to expand the Siloam Reformed Church of New York in Bayside is underway and offi cials expect the work will be completed this year. The church, which is located at 35-25 Bell Blvd., is building a new wing on its current building to include a cafeteria and gym area, according to fi lings with the Buildings Department. The three-story building will expand from about 8,000 square feet to a total of nearly 14,000 square feet with the Victor Han Architects-designed addition. Siloam Reformed bought the land in 2012 for $1.8 million from the Elim Presbyterian Church of New York, according to city records. A construction poster on the site says that the building is expected to be completed this summer. GOT A HOT REAL ESTATE STORY IN QUEENS? Photo courtesy of Jamaica Colosseum Mall Jamaica Colosseum Mall’s prized jewelry exchange Jamaica Colosseum Mall selling for $45M BY LIAM LA GUERRE lguerre@queenscourier.com/@LiamLaGuerre In another big sign that Jamaica is changing, the more than three-decade-old Jamaica Colosseum Mall known for its hip-hop clothing stores and huge jewelry exchange is being marketed for sale. The mall, which was a Macy’s until 1978, has been listed by Epic Commercial Realty for $45 million. The site at 89-02 165th St. has nearly 50,000 square feet of space and up to 250,000 square feet of buildable potential for a commercial or residential development, New York YIMBY reported. The mall could be sold for about $180 per buildable square foot at its current asking price, which would be significantly higher than many other listing sites in the neighborhood. But as some experts have noted, now is the time for owners to cash in on Jamaica while the market is hot. A few blocks over from the mall at 168th Street, developers are also working on an $85 million retail and residential complex. Jamaica Colosseum Mall was founded in 1984 and began with an indoor fl ea market, according to its website. THE COURIER/Photo by Liam La Guerre Astoria waterfront warehouse listed for $18M, could become residential building BY LIAM LA GUERRE listed as the owner, pulled the plug on its own lguerre@queenscourier.com/@LiamLaGuerre project and is now selling the development site for more than six times what it sold for last year. Another Astoria waterfront industrial site recently hit The asking price is $18.24 million, according to the market and could be sold to an investor looking Cushman & Wakefield, which is marketing the to develop the property into a residential, mixed-use site. The site has up to 96,000 buildable square structure, which has become a trend in the area. feet for a mixed-use development, and its price The owner of the vacant, one-story warehouse breaks down to about $190 per square foot, located at 30-05 Vernon Blvd. bought the property which isn’t topping premium levels for sites in last year for $3 million, according to city records, the neighborhood. and was hoping to transform it into a mixed-use The property has only been on the market condo, office and ground-floor retail building. for about a week, but more than 50 investors Construction permits were never filed with the have called to learn more about it, according to Buildings Department, but renderings were created Stephen Preuss of Cushman & Wakefield. for the potential seven-story structure. Preuss and David Chkheidze are the agents 3005 Vernon Boulevard Joint Venture, which is marketing the site. Contact Liam La Guerre Real Estate Editor EMAIL: lguerre@queenscourier.com TWITTER: @liamlaguerre


QC02052015
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