120 BEACH 26 STREET

For Sale - Queens - Far Rockaway

$70,000,000

Net Operating Income: Contact Agent

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Key Details

Property Type
MultiFamily
Neighborhood
Far Rockaway
Property Dimensions
124.0 x 160.0
Property Area
156,952 sq.ft.
Total Units:
127
Stories:
15
NOI
Contact Agent
Price
$70,000,000
Price Per Unit
$551,181
Cap Rate
-%

Listing Description

B6 Real Estate Advisors, as the exclusive broker, is proud to present Ocean Blue, a luxury apartment building located in the Far Rockaway neighborhood of Queens. The fifteen (15) story property consists of one hundred and twenty-six (126) rent stabilized apartments and one (1) commercial medical office space. The current residential unit breakdown is as follows: fifty-nine (59) one-bedroom and sixty-eight (67) 2-bedrooms. The property currently operates as a luxurious apartment building. All residential units are rent stabilized in exchange for a 421-A tax abatement through to 2034 allowing for an additional rent 2.2% increase above the legal allowable limits. Ocean Blue is comprised of approximately 156,953 SF on a 44,282 SF lot with approximately 200’ of coastal frontage. The building square footage is broken down as follows: 107,383 SF of residential area, 11,311 SF common areas,

23,543 SF allocated for Parking, 2,832 SF of community facility space, and 11,882 SF for mechanicals. There are a total of (95) outdoor and (37) indoor parking spaces however the property CofO (see enclosed) permits 89 Attendant Parking spaces located on portions of the ground (1st) floor and (2nd) floor giving an opportunity for a developer to redevelop the outdoor parking lot. The outdoor parking area is an independent tax lot. Ocean Blue is a unique offering for an investor to appreciate a stable multifamily building with little to no deferred maintenance packaged with a midsized, to potentially large, development site.

· Prime beach front location in Far Rockaway.
· Sold with adjoining parking lot and vacant lot totaling 53,900 sf and providing a development opportunity for multiple uses. The property is within the Federal Opportunity Zone program.
· Included in the 421-A tax abatement program up to 2034 which also provides ownership an additional rent surcharge of 2.2% per year above the legal allowable limits.
Building is newly built in 2009 and and completely renovated in 2016.
· Amenities: 24h doorman, Video security, Indoor and outdoor parking, On-site Gym, Physical Therapist Office, Private outdoor beach, Bicycle storage, Kitchen marble counter tops, A washer and dryer in each apartment, 5 ft Jacuzzi soaking tub, etc.

Property Details

Block/Lot:
15817/7501
Lot Dimensions
224.0 x 198.0
Lot Area
44,352 sq.ft
Zoning:
R6
FAR as Built:
2.46
Max FAR:
2.46
Ben EfraimovB6 Real Estate Advisors
Contact Agent View Setup

Sales & Transactions

AddressSale PriceSale DateProperty Type
BEACH 11 STREET$565,00007/26/2018MultiFamily
29-43 FAR ROCKAWAY BLVD$430,00007/24/2018MultiFamily
197 BEACH 29 STREET$500,00007/23/2018MultiFamily
2517 BROOKHAVEN AVENUE$518,00007/20/2018MultiFamily
209 BEACH 28 STREET$500,00007/11/2018MultiFamily
29-47 FAR ROCKAWAY BLVD$550,00007/02/2018MultiFamily
31-10 LEWMAY ROAD$475,00006/28/2018MultiFamily
13-96 BEACH CHANNEL DRIVE$450,00006/27/2018MultiFamily
11-49 NAMEOKE STREET$364,00006/26/2018MultiFamily
12-38 CAFFREY AVENUE$750,00006/04/2018MultiFamily