2206 Cornaga LLC acquired a 72 Unit Rent Stabilized Building located in the heart of Far Rockaway, New York.
2206 Cornaga LLC is in the process of developing a newly constructed building on the current property which should be completed by the year 2018. We have also been successful in transferring many tenants to new apartments leading to increased rents for the property overall.
NOI over the year has grown due to market demand. We have turned over 60% of the building and have received increased rents for those units.
Far Rockaway is a neighborhood on the Rockaway Peninsula in the New York City borough of Queens in the United States. Far Rockaway is served by the following transportation services: The New York City Subway’s IND Rockaway Line (A train), which has a terminal at Mott Avenue, it also has a terminal station for the Long Island Rail Road, making it very accessible for working class residents traveling to the city, as well as a ferry that travels there. Many new developments have been popping up in the area such as a new Hotel and multi family building.
2206 Cornaga Avenue, Far Rockaway, NY, Far Rockaway, NY 11691, USA