NEW YORK, NY – March 13, 2025 – Ariel Property Advisors (Ariel) arranged the sale of the Far Rockaway Development Portfolio, which consisted of three development sites totaling 158,465 BSF in the Far Rockaway section of Queens. The portfolio traded for $12 million, or $75/BSF.

An Ariel team led by Sean R. Kelly, Esq., Partner, Stephen Vorvolakos, Director, and Nicole Daniggelis, Associate Director, represented the seller. The buyer was the Ahdoot family.

The Far Rockaway Development Portfolio includes the following three sites:

The new buyer is expected to build new townhomes, multifamily residences and some commercial.

“We’re pleased to have closed the sale of this well-located Far Rockaway portfolio,” notes Kelly. “The sites are all situated in a low density residential area close to the beach, and near the Special Downtown Far Rockaway District which was rezoned in 2017 to spur development in the area. Given the status of the rent stabilization market and the regulatory obstacles investors face, we’ve seen increased demand for ground up development from investors who traditionally purchased value-add multifamily assets.”

NOTE: For more information about the NYC investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Ariel Property Advisors’ Queens 2024 Year-End Commercial Real Estate Trends Report and Multifamily Year in Review New York City 2024.