Investor buys 108-unit Far Rockaway building for $22M February 8, 2018

The Real Deal | February 7, 2018

By Eddie Small

Staten Island-based investor Vincent Ragosta has purchased a multifamily building with 108 units in Far Rockaway for $22 million, just a few months after selling two of his properties in Jamaica, according to sources familiar with the deal.

The six-story building is located at 22-11 New Haven Avenue, near Beach 22nd Street, and includes 108 apartments and 21 parking spots. It spans about 96,000 square feet overall and was sold by real estate investor Irving Langer of E&M Associates, who had purchased it in 2014 for $12 million, according to property records. Yosef Katz of GFI Realty brokered the deal for both sides.

Ragosta plans to hold onto the property for the long term and make some basic renovations to the apartments, which are all rent stabilized.

In September, Ragosta sold a pair of his buildings in Jamaica at 88-22 Parsons Boulevard and 89-21 153rd Street to Zara Realty for just under $20 million. He also purchased a 63-unit multifamily building at 2244 Bedford Avenue in Flatbush for $11 million over the summer.

E&M Associates recently sold its four-building Far Rockaway rental complex known as the Sand Castle to Treetop Development for $135 million, and Related Companies is planning a pair of new buildings in the neighborhood on a pair of sites by the corner of Mott Avenue and Gateway Boulevard.

 

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