Rockaway Peninsula set for a real estate renaissance as development accelerates

ArkerOverhead 5-7-19
Courtesy of Arker Companies

The Rockaway Peninsula is poised to be the borough’s next real estate development boom following the growth of Long Island City and Flushing in recent years.

In addition to seven projects bringing more than 2,000 affordable units as part of the $139 million Downtown Far Rockaway revitalization project, numerous other plans are in the works to the west.

A massive new development, Edgemere Commons, promises to revitalize the site of the former Peninsula Hospital with 2,200 units of mixed-income housing, a supermarket, retail and community space and hundreds of jobs to what is currently a vacant lot.

“I’ve spent many, many days in the Rockaways trying to have my ear to the ground,” Arker Companies Principal Daniel Moritz said. “We’ve spent the last three years working with the Department of City Planning and City Councilman Donovan Richards trying to develop a plan that will serve the community best.”

The mixed-use development will include 11 buildings, built in phases, along six new streets, with completion scheduled for 2034. The project was approved by the City Planning Commission Wednesday as part of the city’s public review process, which now moves on to the City Council.

In Rockaway Beach the St. Camillus Catholic Academy has closed on Beach 99th Street will be put on the market. A boutique hotel is under development at 108-20 Rockaway Beach Blvd.

In Rockaway Park, The Marcal Group has recently purchased Community House, the restaurant and bar located at Beach 102nd Street and is planning a residential property for the site and it has completed the model residences in One Sixteen, an eight-story luxury condominium with 86 units at 133 Beach 116th Street. That project will bring new life to a blighted commercial corridor that has struggled after the neighborhood was devastated by Hurricane Sandy in 2012.

“One Sixteen offers a rare opportunity to own a modern beachside residence close to New York City,” Marcal Group Founder and CEO Mark Caller said. “We are thrilled to be a part of the community, with neighbors who really appreciate what we are doing for the area. We see the immediate opportunity of buying a home in the Rockaways and the potential long-term gains of this exciting neighborhood.”

The Marcal Group is planning a project similar to One Sixteen right across the street from it at 202 Beach 116th Street.

“The Rockaways is a small community and people who live there love it,” Caller said. “We are very happy to help write a new story for the area.”

An area that is expected to grow increasingly popular.

“As the Rockaways continues to add more services and activities that are available all year, people are naturally gravitating towards the relaxed waterfront environment,” said Maxine Resnick, a broker representing One Sixteen. “For city dwellers looking for a convenient beachside escape, Rockaway Park is an increasingly popular alternative to more distant shores such as the Hamptons, which is a much longer commuting distance.”