Parking Lot at 88-22 Sutphin Boulevard Reportedly Sells as Development Site.

Update — September 2, 2026: Subsequent sources have reported different transaction prices for the property. The Real Estate Journal and Traded initially reported a sale price of $5.475 million, while a later Traded post cited $5 million. Public records now reflect recorded consideration of $4.955 million—essentially $5 million.

The reason for the discrepancy has not been confirmed. The higher reported figure may have included brokerage fees or other transaction-related costs not reflected in the recorded consideration, or it may have resulted from preliminary reporting. Based on the recorded price and approximately 58,392 buildable square feet, the property traded for approximately $85 per buildable square foot, rather than the initially reported $94. Although lower, this remains a strong comparable sale for property within an MIH Options 1 and 3 area.

Original post (8-26-26)

The parking lot across the street from the Queens County Courthouse at 88-22 Sutphin Boulevard in Downtown Jamaica, Queens, has reportedly sold for $5.475 million in an all-cash transaction.

The $5.475 million purchase price was reported by the New York Real Estate Journal. Although as of this post, the new deed has not yet appeared in ACRIS, I independently confirmed the completed sale directly with prior ownership.

Approximately $94 Per Buildable Square Foot

Located directly across from the Courthouse, the parking lot offers approximately 58,392 buildable square feet.

Using the purchase price reported by the New York Real Estate Journal, the transaction equates to:

$5,475,000 ÷ 58,392 buildable square feet = approximately $93.76 per buildable square foot

Based on the Downtown Jamaica development-site sales I have tracked, this appears to be the highest price paid to date on a per-buildable-square-foot basis within a Jamaica Mandatory Inclusionary Housing area limited to MIH Options 1 and 3.

One of the Better Locations in the Jamaica Rezoned Area

In my opinion, 88-22 Sutphin Boulevard is one of the better development locations within the Jamaica rezoned area.

The property is located directly across from the Queens County Courthouse, near Downtown Jamaica’s major transportation network and along a highly visible commercial corridor. Because it is also being used as a parking lot, there are no structures to be demolished.

These characteristics distinguish the property from many other Jamaica development sites and likely contributed to its premium sale price.

The 85-Unit Development Potential Adds Value

Another factor that likely made the site attractive is its ability to accommodate a residential development of approximately 85 units.

That unit count allows a potential rental project to remain below the important 100-unit threshold under the 485-x Affordable Neighborhoods for New Yorkers tax-incentive program.

For eligible projects containing at least 100 units, construction work becomes subject to additional minimum-wage requirements. NYC Housing Preservation and Development currently states that construction workers on these projects must receive a minimum of $40 per hour, with the rate increasing by 2.5% annually. These higher labor requirements can materially increase construction costs.

By supporting approximately 85 units, the 88-22 Sutphin Boulevard site may allow a developer to pursue valuable 485-x rental-property tax benefits while remaining below the program’s 100-unit construction-wage threshold.

The 485-x tax exemption has become critical to the financial feasibility of many new rental developments throughout New York City. Therefore, a site capable of producing a substantial number of apartments without crossing the 100-unit threshold may be particularly attractive to developers.

More information about the program and its labor requirements is available through NYC HPD’s official 485-x guidance.

Why the Sale Is Significant for Jamaica MIH Land Values

The reported price is particularly noteworthy because this section of the Jamaica MIH area is limited to Options 1 and 3. These options generally produce lower rents for the required affordable apartments than MIH Option 2.

Because lower affordable rents can reduce a project’s potential income, development sites limited to Options 1 and 3 have generally traded at a discount compared with Jamaica sites where Option 2 is also available.

Despite that limitation, the reported sale price of approximately $94 per buildable square foot demonstrates that developers may still pay a premium for vacant Jamaica development sites with strong locations, efficient unit counts and minimal obstacles to development.

What This Means for Downtown Jamaica Development Sites

The 88-22 Sutphin Boulevard sale provides an important new benchmark for property owners, investors and developers evaluating land within the Downtown Jamaica rezoned area.

However, the approximately $94-per-buildable-square-foot price should not automatically be applied to every Jamaica development site. Land value continues to depend on factors including:

• MIH options and applicable affordability requirements

• Potential residential unit count

• Eligibility for the 485-x tax incentive

• Exposure to the 100-unit construction-wage threshold

• Lot size and frontage

• Location and proximity to transit

• Whether the property will be delivered vacant

• Corner or block-through configuration

• Development efficiency and zoning restrictions

For exceptionally well-positioned and vacant sites that can support an efficient rental development below the 100-unit wage threshold, this transaction suggests that the upper end of Jamaica development-site pricing may be higher than previously demonstrated.