Updated Oct 19, 2026
Walton Realty NY LLC Acquires Development Site In Far Rockaway From The Church Of Jesus Christ For $8M
3229 Far Rockaway Boulevard
$8,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 28, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 3229 Far Rockaway Boulevard, situated in the Far Rockaway market of Queens. The site was sold by The Church of Jesus Christ of Latter-day Saints for a price of $8,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Buyer: Walton Realty NY LLC
- Seller: The Church of Jesus Christ of Latter-day Saints
- Date of Transaction: 04/28/2025
Walton Realty NY LLC, linked to Herman Jacobowitz, is the buyer of the property, while the seller is The Church of Jesus Christ of Latter-day Saints, which agreed to the transaction for its unused property in Far Rockaway.
On the Map
$8,000,000
Development Site
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Players
Far Rockaway Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93