Chayim Rosenfeld pays $5M to Gleitmans for 99-unit dev site in Far Rockaway

Chayim Rosenfeld through the entity Beach 30 Multifamily LLC paid $5 million to Ben Gleitman through the entity Sbbk F LLC for the development site (V0) at 109 Beach 30th Street in Far Rockaway, Queens. The expected use is ground up development.

On the lot, there is one active new building construction project, Q01177691, for a 99-unit, 52,619 square-foot R-2 building. The project was submitted by Herman Jacob and filed by Herman Jacob with plans filed February 11, 2025 and it has not been permitted yet.
The deal closed on February 25, 2025 and was recorded on March 6, 2025. The property has zero square feet of built space and 28,750 square feet of additional air rights for a total buildable of 28,750 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $173 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Ben Gleitman was Frances Gleitman . The signatory for Chayim Rosenfeld was Chayim Rosenfeld. The contract date was December 4, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Chayim Rosenfeld purchased two properties in two transactions for a total of $5.8 million and has no record it sold any properties over the past 24 months.
The seller Ben Gleitman had not purchased any other properties and sold one property in one transaction for a total of $2.8 million over the same time period.

The property

The parcel has frontage of 230 feet and is 100 feet deep with a total lot size of 23,000 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 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 Far Rockaway, The majority, or 65 percent of the 12.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Far Rockaway has the 32nd highest sale turnover among other neighborhoods in Queens with $34.9 million in sales volume in the last two years. For development, Far Rockaway has 1.4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 52,619 square feet. It is a 99-unit, 52,619 square-foot residential (R-2) building submitted by Herman Jacob and filed by Herman Jacob with plans filed February 11, 2025 and it has not been permitted yet.

All properties are development.

The buyer

The PincusCo database currently indicates that Chayim Rosenfeld owned at least three commercial properties with 77 residential units in New York City with 68,619 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. The bulk, or 50 percent of the built space, is in Bronx, with Brooklyn next at 50 percent of the space.

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