Settlement Housing Fund as record title holder pays $13M to Lightstone Group for property in Rockaway Park

Settlement Housing Fund as record title holder through the entity Bay Towers Preservation Housing Company, Inc., paid Lightstone Group’s Pickwal Bay Towers West, Inc. and Bay Towers Company, $13.0 million for 320 Beach 100th Street in Rockaway Park. The deal closed on September 26, 2019, and was recorded on October 16, 2019. The transaction consists of 1 parcel, including the tax class cooperative (D4) and containing 376 residential units. The property is 485,077 square feet. The parcel(s) have total development potential of 485,077 square feet.
The sale price per unit is $34,574.

This transaction is to facilitate the redevelopment of the 374-unit complex and Lightstone Group remains the beneficial and equity owner of the property, according to city records.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $326,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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