Tishman Speyer pays $90.4M to Arker Companies for development parcels in Edgemere

Tishman Speyer through the entity Ec Parcel, L.L.C. paid $90.4 million to Arker Companies through the entity Peninsula Rockaway Housing Development Fund Corp. for industrial (F5) at 51-17 Rockaway Beach Blvd in Edgemere, Queens, development site (V6) at 5119 Beach Channel Drive in Edgemere, Queens, and development site (V1) at N/A Beach 53rd Street in Edgemere, Queens.
The deal closed on November 18, 2021 and was recorded on December 8, 2021.
The 10 properties have 13,000 square feet of built space and 1,154,992 square feet of additional air rights for a total buildable of 1,167,968 square feet according to PincusCo analysis of city data. The sale price per built square foot is $6,953 and the price per buildable square foot is $77 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.)

This is the acquisition of 10 of the 11 Edgmere Commons sites with a total buildable of 2.2 million square feet, The Real Deal reported, but without noting the sale price.
The signatory for Arker Companies was Daniel Moritz. The signatory for Tishman Speyer was David Augarten.

There has been one new building permit application Those plans include a total of 257 residential or hotel units.
The development was delayed and recently sold to Tishman Speyer.

Within a 400-foot radius of 5119 Beach Channel Drive, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Matityahu Tenenbaum bought the 67,161-square-foot industrial (I6) on 3-57 Beach 53rd Street for $10.3 million from Susan Wagner and Jeffrey Felner on December 2, 2019.

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