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Far Rockaway site hitting the market for $70M

Sale would include Ocean Blue apartments and development site at 120 Beach 26th Street

120 Beach 26th Street (Credit: Google Maps)
120 Beach 26th Street (Credit: Google Maps)

A 126-unit luxury rental and development site in Far Rockaway have hit the market asking $70 million.

Doron Pergament’s Capitale Property Management is selling the Ocean Blue apartment building at 120 Beach 26th Street along with an adjacent development site spanning 53,000 square feet, according to brokers at B6 Real Estate, which has the listing.

Ocean Blue was built in 2009 and renovated in 2016 with amenities including a fitness center and a private outdoor beach area. The building spans about 157,000 square feet and includes 200 feet of coastal frontage. All of the apartments are rent stabilized, and the building also includes commercial medical office space.

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Investment sales in New York have taken a huge hit amid the coronavirus pandemic, and trades for multifamily properties had already slowed down beforehand following the rent law passed by the state in June.

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Despite the challenging environment, B6’s Ben Efraimov — who has the listing along with Andrew Winwood and Nikola Cosic — said he was confident there would be investor interest in the property.

“Considering the quality, the additional development potential, no deferred maintenance,” Efraimov said. “The thing is pretty much brand new.”

Pergament did not respond to a request for comment.

Several major developers have made plans for Far Rockaway projects in recent years. Related Companies is planning a 149-unit residential building at 14-06 Gateway Boulevard, and Brisa Builders is planning a 219-unit mixed-use development at 13-38 Central Avenue.

Last April, Michael Stern’s JDS Development sold its newly built Saltmeadow development, which has 30 town homes with 60 luxury rental apartments along Beach 5th and Beach 6th Streets, to New Jersey-based Treetop Development for $33 million.

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