The Real Deal New York

Marcal Group gets final AG approval for Far Rockaway condo project

Development at 147 Beach 116th Street will contain 86 units averaging $600 psf
By Eddie Small | August 23, 2018 01:00PM

147 Beach 116th Street (Credit: The Marcal Group)

A Far Rockaway condominium project from the Marcal Group has received final approval from the state to move forward, according to company officials.

The Marcal Group’s One Sixteen, which will be located at 147 Beach 116th Street, received final approval from the New York State Attorney General’s Office today, Marcal Group CEO Mark Caller said. The project will contain 86 units across eight stories, along with eight duplex townhouses. Construction crews broke ground on the project early in 2018 and are now approaching the building’s fourth floor.

The building is located less than a block from the ocean, and most residences will have views of the ocean and the bay. Amenities will include a roof deck, a fitness center, bike storage and on-site parking.

Units will go for an average of about $600 per square foot, Caller said.

The New York Attorney General’s office did not immediately respond to a request for comment.

The City Council unanimously passed a rezoning of Far Rockaway in September,  and several developers have recently taken interest in the neighborhood. Related Companies is planning a 145-unit project in the area near its Gateway Apartments complex,  and MDG Design + Construction has landed a 99-year lease for NYCHA’s Ocean Bay apartments. It is putting $560 million into renovating the complex.

Phipps Houses is also planning a mixed-income housing project called Far Rockaway Village that will replace the Far Rockaway Shopping Center, which has long been considered a neighborhood eyesore.