Updated Mar 4, 2026
Treetop Development Acquires MultiFamily Property In Far Rockaway For $135M
711 Seagirt Ave, Queens, NY, 11691
$135,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 21, 2017
About this deal
AI
The complex at 711 Seagirt Avenue in Queens, NY, 11691, known as the Sand Castle, consists of four interconnected properties with a total of 916 rental apartments and eight commercial units. Situated in Far Rockaway, the buildings are just two blocks away from the beach. The property was sold by E&M Associates to Treetop Development for $135,000,000.00 on 11/21/2017.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $135,000,000.00
- Market: Far Rockaway
- Buyer: Treetop Development
- Buyer's Rep: Steven Vegh()
- Seller: E&M Associates
Westwood Realty Associates' Steven Vegh represented both Treetop Development and E&M Associates in the transaction.
Players
Far Rockaway MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93