A partnership of Top Rock Holdings, RJ Capital Group and SYU Properties has purchased a 57,035-square-foot lot at 70–35 113th St. in the Forest Hill neighborhood of Queens, N.Y., with plans for two multi-housing development projects totaling 318,238 square feet. The sales price was $31.7 million.
“Residential demand in Forest Hills has increased dramatically as the influx to neighborhoods, such as Long Island City and Astoria, have spread further into Queens,” said Michael Mazzara, managing director at JLL Capital Markets, which represented the seller, Jasper Venture Group. “The proximity to major mass transit lines and the rich neighborhood atmosphere make Forest Hills one of Queens’ most dynamic submarkets.”
The proposed project encompasses a 235,679-square-foot free-market multi-housing development, in addition to an 82,559-square-foot senior affordable living development.
A recent survey by JLL revealed that, after a trend toward more lifestyle-
