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C&W asking $39m for hotel-approved site.

Cushman & Wakefield has been exclusively retained to arrange for the sale of a 1.9acre development parcel near JFK International Airport in Queens.

The 81,591 s/f property carries a $39 million asking price.

Located in one of New York City's most-lucrative hotel submarkets, the site is pre-approved for development as two adjacent hotels --a Residence Inn and the JFK Marriott--both under the Marriott flag. The two structures would collectively comprise 271,018 s/f and 544 keys. Situated at 142-30 135th Avenue and 135-25 142nd Street paralleling Belt Parkway in South Ozone Park, the land--which will be delivered subdivided into two contiguous lots--is zoned for a maximum of 391,638 buildable square feet for commercial, residential or mixed-use development.

"This is one of the best locations in all of New York for hotel ownership," said Stephen Preuss, the senior managing director with Cushman & Wakefield leading the sales team.

"In addition to its immediate proximity to JFK Airport, the site offers easy access to major roadways and regional attractions."

The parcel--offered for sale by 135th Avenue JFK Property, LLC--is located within a hotel submarket that has delivered a 90-percent occupancy rate at $ 164 per night over the course of the last two years. This performance outpaces submarkets at LaGuardia Airport and most Manhattan neighborhoods.

"Because most comparable hotels are older, these new properties would all but certainly draw in even higher revenue," said Preuss. "New product is a competitive advantage."

The Residence Inn is approved for development as a twelve-story, 93,752 s/f hotel with 182 rooms. The 177,266 s/f JFK Marriott would stand eleven stories tall with 362 keys.

The site is located directly across from JFK Airport and is close to the Van Wyck Expressway, Belt Parkway, and JFK Expressway. It is also near Resorts World Casino and Aqueduct Racetrack.

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Title Annotation:ON THE SCENE
Comment:C&W asking $39m for hotel-approved site.(ON THE SCENE)
Publication:Real Estate Weekly
Date:Jun 14, 2017
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