2932-2944 Beach Channel Drive

Far Rockaway, NY

For Sale

$21,000,000

OVERVIEW

LOCATION:
2932-2944 Beach Channel Drive, Far Rockaway, NY 11691

Asset Type: Multifamily

Square Feet: 111,102

Stories: 6

Residential Units: 107

 

Description

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. 

 

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 coin machine laundromat that generates approximately $8,400 annually. All residential units are rent-stabilized with an average monthly rent of $1,159, offering tremendous upside to new ownership. The Property has NYC and water views from 3 sides.

 

Nearby Transportation

Residents of the property are well served by public transportation, including Beach 25th 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 35th 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.