Ariel Property Advisors arranges $12 million
sale of 158,465 s/f development portfolio

Queens, NY Ariel Property Advisors (Ariel) arranged the sale of the Far Rockaway development portfolio, which consisted of three development sites totaling 158,465 buildable s/f in the Far Rockaway section of the borough. The portfolio traded for $12 million, or $75 per buildable s/f.

An Ariel team led by Sean Kelly, Esq., partner, Stephen Vorvolakos, director, and Nicole Daniggelis, associate director, represented the seller. The buyer was the Ahdoot family.

The Far Rockaway development portfolio includes the following three sites:

• 24-00 Seagirt Blvd., sold for $2.8 million: the R5/C1-3  zoned property offers 33,155 buildable s/f as of right for mixed-use development with street frontage along three sides, and 170’ of frontage on Seagirt Blvd., one of the busiest thoroughfares in Far Rockaway.

• Beach 29^th St., sold for $3.45 million: the R5 zoned property includes three vacant lots offering 46,139 buildable s/f with 360’ of frontage on Beach 29^th St., between Lewmay Rd. and the beach.

• Beach 30^th & 31^st St., sold for $5.75 million: the R5 zoned property comprised of five vacant lots offering 79,171 buildable s/f sits on a block-through site from Beach 30^th St., Lewmay Rd. and Beach 31^st St.

The new buyer is expected to build new townhomes, multifamily residences and some commercial.

We’re pleased to have closed the sale of this well-located Far Rockaway portfolio,” said Kelly. “The sites are all situated in a low-density residential area close to the beach, and near the Special Downtown Far Rockaway District which was rezoned in 2017 to spur development in the area. Given the status of the rent stabilization market and the regulatory obstacles investors face, we’ve seen increased demand for ground up development from investors who traditionally purchased value-add multifamily assets.”