Exceptional investment and redevelopment opportunity for a three-story hospitality asset located in the core of the Rockaways. The property is positioned on Beach 116th Street, providing immediate, direct access to the oceanfront and the newly enhanced Rockaway Boardwalk. The existing structure, previously operated as a hotel, features a substantial infrastructure including 38 guest rooms and a dedicated caretaker or management apartment. The site is governed by flexible R7A/C1-3 zoning, facilitating multiple paths for value creation, including: the rehabilitation and re-establishment of a boutique hotel, conversion to market-rate residential units (rental or condominium), or a strategic mixed-use configuration. Its location is complemented by superior transit infrastructure, situated adjacent to the A train terminus (Rockaway Park-Beach 116 Street) and the NYC Ferry dock, ensuring high connectivity to Manhattan and the outer boroughs. This offering represents a rare opportunity to capture significant upside in a growing coastal New York City submarket. * Substantial Existing Asset: The three-story, 14,025 square foot structure provides a significant shell for redevelopment. It comes with a previous Certificate of Occupancy (C/O) for 38 Class B units (hotel rooms) and one Class A, five-bedroom apartment, simplifying the blueprint for re-entry into the hospitality or housing markets. * Prime Beach Block Location: The property is situated just steps from the Rockaway Boardwalk and the ocean, offering a high-demand coastal location that drives seasonal tourism and year-round residential appeal. It features approximately 60 feet of direct street frontage on the main commercial corridor, Beach 116th Street. * High Market Demand Potential: The property is well-suited for multiple high-yield scenarios, including leveraging City programs such as FHEPS for transitional housing, which can provide potential for a high-grossing operation (estimates suggest over $70,000 monthly when operational, based on comparable market rates). The property will be delivered fully vacant, providing a clean slate for the buyer's chosen strategy. * Transit-Oriented Development (TOD) Opportunity: The site boasts excellent public transit accessibility, positioned one block from the A train subway terminal (Rockaway Park-Beach 116 Street) and within short proximity to the high-demand NYC Ferry service to Lower Manhattan. This connectivity supports year-round commuter tenancy and weekend visitor traffic.
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