NEW YORK, NY – November 16, 2016 – Ariel Property Advisors announces the sale of a development site in Far Rockaway, Queens. The 22-lot assemblage located at 132-150 Beach 26th Street and 141-163 Beach 25th Street sold for $1.7 million.

The site consists of 22 contiguous lots on the east side of Beach 26th Street and the west side of Beach 25th Street near Seagirt Avenue and the Boardwalk. R4-1 zoning provides the assemblage with 48,510 buildable square feet. Each lot measures 2,450 square feet.

Exclusive agents Daniel Wechsler and Michael A. Tortorici represented the seller, a private investor.

“R4-1 zoning allows investors the opportunity to build one and two-family detached and semi-detached homes in the site,” said Daniel Wechsler, Vice President at Ariel Property Advisors. “The area will continue to gain momentum over the next several years, due in part to a $480 million grant from FEMA awarded to complete the construction of the Rockaway Boardwalk and the restoration of the ferry service to the Rockaways,” Mr. Wechlser added.

Local developments include the Ocean Grande, the Averne by the Sea, and the Averne View development. Additionally, the site is located near the LIRR Far Rockaway station and the A Subway line at Beach 25th Street.