Home Depot Assemblage, Commercial Development Site in Jamaica, Queens Sold for $75,000,000

Record-Breaking Sale of Home Depot Assemblage in Jamaica, Queens

Bob Knakal and his team successfully closed the sale of the Home Depot Assemblage, a prime development site in Jamaica, Queens, for $75 million. The transaction marked a milestone in the borough, offering significant upside to the buyers—Ceruzzi Holdings and The Mantone Group—while achieving maximum value for the multiple sellers involved.

Sale Details

The Home Depot Assemblage, spanning multiple lots and nine buildings, presented a rare opportunity for large-scale development in Queens. Bob Knakal’s ability to navigate the complexities of coordinating multiple sellers ensured a smooth process, culminating in the April 30, 2006 closing.

Sale Price: $75,000,000
Buyer: Ceruzzi Holdings and The Mantone Group
Seller: Multiple Sellers
Property Type: Development Site
Sale Date: April 30, 2006
Neighborhood: Jamaica, Queens

The transaction included a deposit structure favorable to the sellers and expedited closing terms, reflecting Bob Knakal’s commitment to delivering exceptional results.

Property Details

The Home Depot Assemblage consists of nine buildings and development lots with a buildable square footage of 613,000 SF. At a price of $122.35 per BSF, the site offered an attractive investment opportunity in a rapidly growing market.

Full Addresses:some text
- 92-11/47 Merrick Boulevard
- 92-10/30 168th Street
- 166-24 Jamaica Avenue
Zoning: Development
Buildings/Lots: 9
Buildable SF: 613,000
Price Per Buildable SF: $122.35

The assemblage’s scale and location positioned it as a cornerstone for the future growth of Jamaica, Queens, appealing to top-tier developers.

Market Strategy and Execution

Bob Knakal and his team employed a robust strategy to maximize the assemblage's value:

Coordinated Communication: Negotiated with multiple sellers to align goals and expectations.
Market Leverage: Generated competitive interest by targeting buyers seeking large-scale development opportunities.
Seamless Execution: Leveraged decades of experience to resolve logistical challenges associated with multi-seller transactions.

This strategic approach ensured optimal terms, making the Home Depot Assemblage a standout success in Bob Knakal’s portfolio.

Neighborhood Overview

Jamaica, Queens, is one of the most dynamic neighborhoods in New York City, with a unique combination of commercial activity and residential growth.

Location Advantages:some text
- Proximity to major transit hubs, including the Long Island Rail Road and JFK Airport.
- Thriving retail and commercial corridors along Merrick Boulevard and Jamaica Avenue.
Development Appeal:some text
- High demand for large-scale mixed-use projects.
- Supportive zoning and infrastructure for growth.

The neighborhood's strong fundamentals attracted Ceruzzi Holdings and The Mantone Group, solidifying their investment in the area’s future.

Conclusion

The $75 million sale of the Home Depot Assemblage exemplifies Bob Knakal’s expertise in navigating complex transactions involving multiple sellers. By leveraging a strategic approach and fostering strong market relationships, Bob and his team delivered exceptional results, maximizing value for the sellers and securing a significant development opportunity for the buyers.

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