Updated Oct 15, 2026
Hanan Sheleg Acquires Development Site From In Far Rockaway For $1.9M
1-48 Beach 27th Street
$1,900,000
Building Size
—
Asset Type
Development Site
Closing
Sep 17, 2026
About this deal
AI
The Beach 27th Street & 44th Street Portfolio, located in Far Rockaway, serves as a development site in the current real estate market. The sale was processed at a transaction amount of $1,900,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,900,000
- Buyer: Hanan Sheleg
- Brokers: Sean R. Kelly, Esq., Stephen Vorvolakos & Nicole Daniggelis - Ariel Property Advisors
- Date of Transaction: 09/17/2026
This transaction marks the ninth deal facilitated by the brokers across Far Rockaway within a 12-month period. For those interested in similar opportunities or contemplating a sale, they can reach out to the provided contact number, 917.594.5457.
On the Map
$1,900,000
Development Site
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Far Rockaway Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.35%
Cash-on-Cash
-2.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93