Jia Shu Xu Looking to Sell Archer Towers Site in DoJam for $60M
About two years after buying the biggest parcel in Jamaica, Queens in a decade, Flushing-based developer Jia Shu Xu has put the site on the market for $60 million. That is nearly three times the price he paid for the massive property in 2014.
Cushman & Wakefield’s Stephen Preuss, Daniel A. Abbondandolo and Kevin Schmitz are listing the 89,967-square-foot Archer Towers development site at 163-05/25 Archer Avenue at Guy R. Brewer Boulevard in Downtown Jamaica, two contiguous lots that can accommodate a building of up to 719,736 square feet and 700 residential units, with the addition of inclusionary housing.
The site is home to a 32,307-square-foot single-story retail strip with a supermarket, a food court, a Rent-A-Center and an inactive eight-story 280,000-square-foot parking garage, according to the marketing materials.
Xu picked up 163-25 Archer Avenue and 163-05 Archer Avenue from Gertz Plaza Acquisition for $11 million a piece in September 2014, property records indicate. DNAinfo reported the next month that together they comprised the largest property in Downtown Jamaica to sell in nearly 10 years.
The C&W brokers didn’t immediately respond to a request for comment and nor did a company spokesman. Xu wasn’t immediately reachable.