Rockaway Beach Boulevard Portfolio
The Rockaway Beach Boulevard Portfolio, consisting of nine contiguous lots at 114-02 – 115-02 Rockaway Beach Boulevard in the Rockaway Park neighborhood of Queens, was sold in an all-cash transaction valued at $2,150,000.
The residential and commercial site totals approximately 35,928 square feet and features 294’ of frontage. It is situated in a C1-3 / R5B zoning district, allowing for approximately 48,503 square feet as-of-right development potential. The sale price equates to approximately $44 per buildable square foot.
This development site is ideally located between Beach 115th and Beach 114th Streets, just one block from the beach and just a few blocks from the A subway station at Beach 116th Street.
“This portfolio consisted of nine lots owned by separate individuals,” said Cushman & Wakefield’s Thomas A. Donovan, who exclusively handled this transaction. “We were able to procure a buyer, manage the entire process of the sale and see it to closing while keeping all the owners happy,” Donovan continued.