NYC Jamaica Redevelopment Site Purchased for $14 Million

A storefront retail and office building in Jamaica, Queens that has been vacant for 20 years, has sold for $14 million.

The new owners, United American Land Company LLC (UAL), plan to renovate the existing building and lease it to a large “big-box” retailer by early next year, according to CoStar Group, a real estate information company.

United American Land Company LLC (UAL) purchased the 56,750-square-foot redevelopment site from Petra Capital Management.

UAL has created retail spaces in downtown Manhattan for brands such as Dolce & Gabbana and Puma. The company has also bought a number of properties in Brooklyn near Metrotech, with a total of 1.3 million square feet of buildable space (including air rights) for retail, residential, and office use.

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