Hp Cornaga Commons I Housing Dev. Fund Co., Inc. paid $6M to Abe Rosenthal LLC

Hp Cornaga Commons I Housing Dev. Fund Co., Inc. paid Abe Rosenthal LLC $6.0 million for 3 parcels, including the tax class miscellaneous NYC (department of real estate and other public places) (V9) at 10-18 Beach 20 Street, 10-25 Beach 20 Street, Cornaga Avenue in Far Rockaway. The deal closed on July 25, 2019 and was recorded on August 07, 2019. The parcel(s) have total development potential of 266,683 square feet.
The average sale price per square foot is $45.
The estimated cap rate is 3.0%

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel.There has been one new building permit application totaling 71,724 square feet. Those plans include a total of 80 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link