Representative Transactions >
This multiphase mixed-use development brings new life to a dilapidated 9-acre strip-mall situated between the subway and the railroad along a former commercial corridor in Downtown Far Rockaway. Rockaway Village, at completion, will contain approximately 1,700 low-income and moderate-income residential rental apartments, approximately 10,000 square feet of community facility space, approximately 583 parking spaces and approximately 108,000 square feet of commercial space. In addition, the development plan provides for infrastructure improvements, including new public roadways and well-lit sidewalks. At the entrance to the Development, an open public plaza outfitted with public art installations, greenery, seating, and pathways will encourage pedestrian traffic to circulate and access the nearby shopping and community spaces. A severed ground lease structure enables phased financing and construction set to take place over the course of approximately 10 years and bifurcates the commercial and residential ownership interests. The entire property will be subdivided into an anticipated 17-unit fee condominium with individual units to be purchased, managed and/or transferred once each phase of the development is finished.
Developer: Phipps Houses
Architect: Marvel Architects
Contractor: Lettire Construction Corp.
Financing: HDC/HPD/Citibank/Richman Housing Resources