Far Rockaway’s Sand Castle exchanges hands
E&M Associates has completed a deal with Treetop Development. The later purchased a rental complex made up of four buildings located in Far Rockaway, the Queens neighborhoods. The acquisition cost $135 million.
The complex is addressed at 711 Seagirt Avenue and all four of its properties are connected to one another. The complex is mixed-use, including 916 apartments and eight retail spaces. The complex is known as the Sand Castle, because it is within walking distance from the beach (just two blocks away). Both sides of the deal had the same broker: Steven Vegh from Westwood Realty Associates.
This is a significant opportunity for both sides, especially for the buyer, since Far Rockaway is one up-and-coming neighborhood that deserves to be taken into account. [The Real Deal]