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Mayor Bill de Blasio's rezoning of Far Rockaway to spur development looks to be bearing fruit.
Treetop Development has purchased a complex comprising four interconnected residential buildings, eight commercial units and a parking garage for $135M from E&M Associates, The Real Deal reports. The development, called the Sand Castle, changed hands in an off-market sale.
The complex contains 916 rental units at 711 Seagirt Ave. on the eastern end of Rockaway Beach, near the 23 blocks rezoned by de Blasio and city council earlier this year to encourage commercial and mixed-income development as a way to continue recovery from the damage of Superstorm Sandy.
"Because of the sheer size of the property, we have a rare opportunity to enhance the building and the area, adding in desirable retail that will cater to the surrounding community," Treetop managing member Adam Mermelstein said in a statement.
Westwood Realty Associates' Steven Vegh, who brokered both sides of the transaction, called the development a value-add opportunity, according to TRD, confirming that Treetop plans to update the property to capitalize on downtown Far Rockaway's anticipated renewal.
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