2932-2944 Beach Channel Drive & 27-45 East 94th Street

Queens & Brooklyn, NY

For Sale

$39,500,000

OVERVIEW

LOCATION:
2932-2944 Beach Channel Drive & 27-45 East 94th Street, Queens & Brooklyn, NY

Neighborhood: Far Rockaway, Queens & East Flatbush, Brooklyn

Asset Type: Multifamily

 

Description

 

2932-2944 Beach Channel Drive, Far Rockaway, Queens, NY 11691

 

Besen & Associates, as exclusive agent for ownership, is pleased to present for sale 2932-2944 Beach Channel Drive, Far Rockaway, Queens, NY 11691 (the “Property”); an exceptionally large 6-story block-through elevator residential building consisting of 107 apartments plus indoor & outdoor parking spaces. The Property, which was built circa 1959 and contains approximately 111,102± SF, offers NYC & water sky views from 3 sides.

 

This 6-story, elevator, block-through property is situated on Beach Channel Drive, a prime location between Bay 32nd Street & Hartman Lane and consists of 107 beautifully-appointed residential units with indoor & outdoor parking spaces. The property was built circa 1959 and has approximately 111,102± SF. The building contains 1 studio apartment, 52 one-bedroom apartments, and 54 two-bedroom apartments (plus one rent-free superintendent unit). Additionally, in the basement area there is a “smart card” laundromat that generates approximately $8,400 annually. All residential units are rent-stabilized with an average monthly rent of $1,160, offering tremendous upside to new ownership. The Property has NYC and water views from 3 sides.

 

Residents of the property are well served by public transportation, including Beach 36th Street Wavecrest train station [“A”] and Far Rockaway – Mott Avenue station [“A”]. Bus lines are also available throughout the neighborhood, including Beach Channel Drive/Beach 36th Street Q22, QM17 & RES lines. For vehicular traffic, the area offers easy access to the Rockaway Freeway, Nassau Expressway and Rockaway Turnpike. The property is right across the street from Bayswater Park and in close proximity to both Rockaway Beach and Atlantic Beach. A few blocks from the property you will find Far Rockaway High School, Queens High School for Information and Research and Wave Preparatory Elementary School. A few blocks traveling east is St. Josephs Episcopal Hospital. Additionally, the Property is a 15-minute car ride to JFK International Airport.  

 

  • Exceptionally large, 6-story 2 self-service elevator residential building measuring 111,102± SF, consisting of 107 apartments plus indoor and outdoor parking spaces

  • Well-maintained, income-producing property boasting high occupancy rates

  • Wide variety of layouts throughout the property including 1 studio apartment, 52 one-bedroom apartments, and 54 two-bedroom apartments. The “P” & “D” lines contain 1.5 baths

  • All rent-stabilized apartments averaging monthly rents of $1,160, offering significant upside to new ownership

  • Coin machine laundry generates $8,400± annually

  • Recent improvements include: new exterior brick-pointing, new roof, and new mailboxes

  • Walking distance to Beach 36th Street Wavecrest and Far Rockaway – Mott Avenue [A] train station and a 5-minute walk to Beach Channel Drive/Beach 36th Q22, QM17 & RES Street bus stops

  • Across the street from Bayswater Park and just minutes away from both Rockaway Beach and Atlantic Beach, offering water and NYC skyline views from 3 sides of the Property

  • Situated near: Rockaway High School, Queens High School for Information and Research and Wave Preparatory Elementary School

  • 5 minutes from St. Joseph’s Episcopal Hospital and driving distance to JFK International Airport

  • Several new developments from market, senior housing to affordable projects are under construction in the immediate area 

 

 

27-45 East 94th Street, East Flatbush, Brooklyn, NY 11212 

 

Besen & Associates, as exclusive agent for ownership, is pleased to offer for sale 27-45 East 94th Street, East Flatbush, Brooklyn, NY 11212 (the “Property”); a 6-story elevatored residential building consisting of 83 apartments and a 10-car indoor garage. The property was built circa 1958 and contains approximately 64,381± SF.

 

The Property consists of a 6-story, elevator building with 83 beautifully-appointed residential units plus a 10-car indoor garage. The Property was built circa 1958 and contains 64,381± SF. Recent improvements to the building include a newly repainted façade, new windows, replaced steam lines, substantial portion of the roof is brand new (2016), and hallway lights have been upgraded with LED lighting. All residential units are rent stabilized with an average monthly rent of $1,110, which is well below market rates, offering significant upside to new ownership.

 

Residents are well served by public transportation, as the Property is near the Sutter Avenue-Rutland Road subway station and the Utica Avenue subway station, both serving the [2,3,4,5] trains. A network of bus lines is also available throughout the neighborhood; down the block you can catch the East New York Ave/E 94th Street B12 line, and a few blocks away between Sutter Avenue and Ralph Avenue is the B15 line. For vehicular traffic the property is located north of the Belt Parkway and south of the Brooklyn Queens Expressway (BQE). The property is also located across the street from Lincoln Terrace Park and PS 770 The New American Academy, and only a few short blocks away from Kingsbrook Jewish Medical Center, NYC Health + Hospitals/ Kings County, St. Anthony Baptist Church and First Bethlehem Baptist Church.

 

  • Neighborhood of East Flatbush, situated on East 94th Street, in Brooklyn, New York

  • 6-story elevator building consisting of 83 apartments and a 10-car indoor garage. The property was built in 1958 and contains 64,381± SF

  • Well-maintained and income-producing property

  • Recent renovations to the building include: a newly repainted façade, new windows, steam line replacement, a substantial portion of the roof is brand new (2016), and hallway lights upgraded with LED lighting

  • 83 rent stabilized apartments renting at well-below market rates (average $1,110/month), offering tremendous upside to new ownership

  • Walking distance to the Sutter Avenue-Rutter Road subway station and the Utica Avenue subway station, both serving the [“2,3,4,5”] lines

  • Down the block from MTA bus line at East New York Ave/E 94th Street B12 line and a few blocks from Sutter Avenue and Ralph Avenue B15 line

  • Vehicular traffic: property is located north of the Belt Parkway and South of the Brooklyn Queens Expressway (BQE)

  • Across the street from the stunning Lincoln Terrace Park and PS 770 The New American Academy

  • Just a few blocks from Kingsbrook Jewish Medical Center, NYC Health + Hospitals/ Kings County, St. Anthony Baptist Church, and the First Bethlehem Baptist Church 

 

 

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