In an historic transaction that marks the end of a 50-year era, Adelaide Polsinelli, Vice Chairman of Compass, a pioneering real estate technology platform, in collaboration with Michael Cardillo, also of Compass, has orchestrated the sale of an iconic industrial property located at 120-08, 120-30 Jamaica Avenue, and 87-14 121st Street, in the vibrant Queens neighborhood of Richmond Hill, New York City, for a record price of $18,000,000.
In a monumental transaction the storied Rubies Costume Company, a pillar of the community for over five decades, gracefully hands over the reins to the visionary NYC School Construction Authority (SCA), set to unveil an educational masterpiece in this very locale.
Encompassing a sprawling 33,000-square-foot parcel of land, the property boasts a dynamic blend of industrial, retail, and warehouse spaces, totaling 41,000 square feet. Stretching across an entire city block, the property boasts an awe-inspiring 517 feet of wraparound frontage, embracing the vitality of 120th and 121st Streets.
Strategically situated within one of Richmond Hill’s most bustling retail hubs, this property isn’t just conveniently accessible; it’s a gateway to endless opportunities. With major highways at its doorstep and the 121st Street and Jamaica Avenue subway station just a stone’s throw away; it is a true nucleus of connectivity.
Adelaide Polsinelli, the celebrated real estate sales expert, unveiled the brilliance behind this sale: “While the usual suspects were circling, we had a different vision. We sought a buyer who could unlock the property’s true potential, which were the unused development rights.”
She continued, “Richmond Hill’s history is etched in retail, storage, and warehousing, but today, we’re witnessing a seismic shift. Owner-users are seizing the moment, investing in real estate to shape their own destinies as the retail and sales landscape evolves.”
Polsinelli emphasized the enormity of this opportunity, declaring, “This isn’t just a real estate transaction; it’s a testament to the rebirth of once-sleepy warehouses into thriving community assets, heralding a new era for our neighborhoods.”
The purchaser was represented by Richard Eaddy, Executive Managing Director of Savills, along with Joseph Byrnes and Ira Schuman.
