Investor buys 108-unit Far Rockaway building for $22M

Vincent Ragosta purchased 22-11 New Haven Avenue from Irving Langer

TRD NEW YORK /
Feb.February 07, 2018 04:30 PM
22-11 New Haven Avenue

22-11 New Haven Avenue (Credit: GFI Realty)

Staten Island-based investor Vincent Ragosta has purchased a multifamily building with 108 units in Far Rockaway for $22 million, just a few months after selling two of his properties in Jamaica, according to sources familiar with the deal.

Yosef Katz

The six-story building is located at 22-11 New Haven Avenue, near Beach 22nd Street, and includes 108 apartments and 21 parking spots. It spans about 96,000 square feet overall and was sold by real estate investor Irving Langer of E&M Associates, who had purchased it in 2014 for $12 million, according to property records. Yosef Katz of GFI Realty brokered the deal for both sides.

Ragosta plans to hold onto the property for the long term and make some basic renovations to the apartments, which are all rent stabilized.

In September, Ragosta sold a pair of his buildings in Jamaica at 88-22 Parsons Boulevard and 89-21 153rd Street to Zara Realty for just under $20 million. He also purchased a 63-unit multifamily building at 2244 Bedford Avenue in Flatbush for $11 million over the summer.

E&M Associates recently sold its four-building Far Rockaway rental complex known as the Sand Castle to Treetop Development for $135 million, and Related Companies is planning a pair of new buildings in the neighborhood on a pair of sites by the corner of Mott Avenue and Gateway Boulevard.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

Absent federal assistance, landlords and real estate developers are at the mercy of their lenders. (Credit: iStock)

Landlords locked out of $350B Paycheck Protection Program

(Illustration by Daniel Castro Maia)

Why real estate is still tangled up with the mob

Paul Massey’s B6 Real Estate hit with layoffs

Paul Massey’s B6 Real Estate hit with layoffs

Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

arrow_forward_ios
Loading...