Lee & Associates NYC completes $7.5 million land acquisition for Sunrise Senior Living Community in Oceanside

Oceanside, NY Lee & Associates NYC completed the $7.5 million acquisition of a 2.84-acre development site at 374 Atlantic Ave. on behalf of Sunrise Senior Living, bringing to a close a transaction that spanned nearly nine years and culminated in the acquisition following an extensive entitlement and approval process.

Kelly Koukou, executive managing director and principal at Lee & Associates NYC, represented Sunrise Senior Living in the acquisition. Marlon Matza of Strategic Realty Advisors represented the sellers, Grossman Nurseries and Breslin Development.

The parties originally signed the purchase contract in 2017, anticipating a typical entitlement process. Instead, the project evolved into a complex, multi-year effort involving municipal approvals, public hearings and an extended entitlement process that coincided with the COVID-19 pandemic and related legal proceedings before ultimately closing in 2026.

“This transaction is a reminder that commercial real estate brokerage often requires much more than simply bringing a buyer and seller together,” said Koukou. “Over the course of nearly nine years, we worked alongside our client through a complex entitlement process, changing market conditions and unforeseen challenges, while never losing sight of the end goal. We’re proud to have helped Sunrise reach this important milestone, and we’re excited to see the project move from years of planning into development.”

Sunrise Senior Living plans to develop a 77,400 s/f assisted living and memory care community on the site. The three-story development will feature 84 residential units offering assisted living and dedicated memory care services, helping meet the growing demand for high-quality senior housing on Long Island.

“The need for modern senior living communities continues to grow as Long Island’s population ages,” Koukou said. “Development opportunities of this scale are increasingly rare, particularly in established communities where entitled land is scarce. We’re excited to see this project move from planning into development and ultimately serve seniors and their families for years to come.”

Construction is expected to begin following final pre-development activities.