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Red Group Management is planning a new residential complex in Far Rockaway, becoming the latest firm to make use of the city’s rezoning of the area.
The company wants to build a 60-unit building at 128 Beach Ninth St., The Real Deal reports. The building would be 78K SF with 73K SF for residential space and 5K SF for a community facility, according to plans filed with the city’s Department of Buildings.
There is a one-story building on the site at the moment, which Red Group bought for $900K in 2014.
The city rezoned the area in September, a change that was aimed at spurring development in the Queens neighborhood.
Since then, Treetop Development has purchased a complex comprising four interconnected residential buildings, eight commercial units and a parking garage for $135M from E&M Associates.
Affordable Housing developer Phipps Houses is planning 457 apartments in the Far Rockaway Village. Related Cos. also intends to expand to the area, with plans for two new buildings there, according to TRD.
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