Ocean Management Corp sold 88-02 - 88-08 164th Street in Jamaica, NY for $13.8 million, or approximately, $98 per square foot. This is an office property that totals 140,640 square feet.
This property has been purchased by the New York City School Construction Authority and will be demolished by January 2012, with construction on the new school slated for the same date. The delivery is approximately August of 2014, in time for the 2014-2015 school year.
According to the buyer, this purchase took place under the enforcement of eminent domain; however, it is believed the price paid reflects fair market value. This was an all-cash deal that was in escrow for 191 days.
For more information regarding the sale, please see CoStar COMPS #2089319.