A 101,000-square-foot residential development in Rockaway Park has hit the market. Avison Young is marketing the property at 115-05 Rockaway Beach Boulevard and 165-187 Beach 115th, which is zoned for residential with a retail component.
The site currently holds three residential structures, but will be delivered vacant to the buyer. Jason Meister, a vice president at Avison Young, believes a condo building will most likely go up on the site.
Rockaway is seeing a slew of new real estate projects, Meister noted, particularly redevelopment made necessary by Hurricane Sandy. Not surprisingly, the beach is one of the main draws for the area.
“Rockaway has become a real summer attraction for young people,” Meister said.
The area is attracting an increasing number of developers as well. One of the more notable recent projects: the Ocean Grande on the corner of Beach 117th Street and Rockaway Boardwalk, where units go for more than $1 million.
Typically, sales in Rockaway go for around $425 per square foot, said Meister. Since 2013, the average sales price in Queens has risen by 13 percent.