Beechwood Homes pays $7.5M to Benjamin Companies, Beechwood Homes for 82-unit condo dev site in Arverne

Beechwood Homes through the entity Lot 105e LLC paid $7.5 million to Benjamin Companies and Beechwood Homes through the entity Benjamin Beechwood Oceanway LLC for the development building (V1) at 141 Beach 67th Street in Arverne, Queens. The expected use is ground up development.

On the lot, there is one active new building construction project, Q08031880, for a 82-unit, 116,486 square-foot residential (R-2) building. The project was submitted by Benjamin Development Company and Beechwood Organization and filed by Gerry Romski with plans filed November 3, 2022 and it has not been permitted yet. On the tax lot, the most recent condominium plan was filed by LOT 105E LLC to create 82 residential units and 1 commercial units in a building at 141 Beach 67th Street in Arverne, Queens, called Lighthouse Beach 67th Condominium that has a $109.9 million sellout, according to an January 24, 2025 submission to the New York State Attorney General. The principals of the sponsor, LOT 105E LLC, were Michael Dubb and Steven Dubb.

The deal closed on December 10, 2025 and was recorded on December 11, 2025.
The signatory for Benjamin Companies and Beechwood Homes was Kenneth P. Coyle and Michael Dubb . The signatory for Beechwood Homes was Steven Dubb. The contract date was December 23, 2024. Beechwood Homes is both a seller and buyer.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Beechwood Homes had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Benjamin Companies had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 228 feet and is 458 feet deep with a total lot size of 109,424 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

The neighborhood

In Arverne, The bulk, or 38 percent of the 1.3 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 33 percent of the space. In sales, Arverne has the 44th highest sale turnover among other neighborhoods in Queens with $15.2 million in sales volume in the last two years. For development, Arverne has had very little major development activity relative to other neighborhoods.It had 140,004 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 266,877 square feet of the 266,877 square feet. The identified owner is Beechwood Organization.
On the tax block, there was one new building construction project filed totaling 261,313 square feet. It is a 237-unit, 261,313 square-foot residential (R-2) building submitted by Benjamin Development Company|Beechwood Organization and filed by Gerry Romski with plans filed November 3, 2022 and it has not been permitted yet.

The majority, or 100 percent of the 266,877 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Benjamin Companies owned at least three commercial properties with 88 residential units in New York City with 200,429 square feet and a city-determined market value of $52.3 million. (Market value is typically about 50% of actual value.) The portfolio has $29.5 million in debt, borrowed from People’s United Bank. Within the portfolio, the bulk, or 60 percent of the 200,429 square feet of built space are elevator properties, with retail properties next occupying 40 percent of the space. They are all located in Queens.
The PincusCo database currently indicates that Beechwood Homes owned at least two commercial properties in New York City with 79,435 square feet and a city-determined market value of $19.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Beechwood Homes owned at least two commercial properties in New York City with 79,435 square feet and a city-determined market value of $19.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Queens.

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