Zev Mayer pays $8M to Mormon Church for 88-unit dev site in Far Rockaway

Zev Mayer through the entity 3229 FB LLC paid $8 million to Church of Jesus Christ of Latter-day Saints, also known as the Mormon Church, through the entity Corporation Of The Presiding Bishop Of The Church for the development site (V1) at 3229 Far Rockaway Blvd in Far Rockaway, Queens. The expected use is ground up development.

On the lot, there is a new development project, Q01266074, for an 88-unit, 49,843 square-foot residential (R-2) building submitted by Walton Realty NY, also known as Walton Developers, and filed by Zev Mayer with plans filed August 6, 2025 and it has not been permitted yet.
The deal closed on December 17, 2025 and was recorded on December 29, 2025. The property has zero square feet of built space and 107,646 square feet of additional air rights for a total buildable of 107,646 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $74 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 Church of Jesus Christ of Latter-day Saints was Joseph D. Lowe . The signatory for Zev Mayer was Zev Mayer. The contract date was August 15, 2024.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Zev Mayer purchased four properties in four transactions for a total of $18.9 million and has no record it sold any properties over the past 24 months.
The seller Church of Jesus Christ of Latter-day Saints had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 259 feet and is 225 feet deep with a total lot size of 44,299 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 $2.8 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.

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 had very little sales volume relative to other neighborhoods with $152.4 million in sales volume in the last two years. For development, Far Rockaway has 1.3 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On the tax block, there were four new building construction projects totaling 180,733 square feet. The largest is a 99-unit, 63,127 square-foot residential (R-2) building submitted by Walton Realty NY and filed by Zev Mayer with plans filed October 6, 2025 and it has not been permitted yet. The second largest is a 99-unit, 61,739 square-foot residential (R-2) building submitted by Walton Realty NY and filed by Zev Mayer with plans filed October 6, 2025 and it has not been permitted yet.

The buyer

The PincusCo database currently indicates that Zev Mayer owned at least six commercial properties with 152 residential units in New York City with 8,052 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) The portfolio has $53.6 million in debt, with top three lenders as Valley National Bank, Broadview Capital, and Parke Bank respectively. Within the portfolio, the bulk, or 73 percent of the 8,052 square feet of built space are mixed-use properties, with development properties next occupying 27 percent of the space. The bulk, or 69 percent of the built space, is in Bronx, with Brooklyn next at 31 percent of the space.

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