MUSS VALUE ADD

Guidance of property through complex City ULURP zoning process, addition of significant infrastructure to previously undeveloped land in urban infill situation, sales, marketing and construction handled 100% in-house.

PROPERTY OVERVIEW

Oceana is a crown jewel in our portfolio and one of our biggest success stories. Home buyers saw the unique opportunity to experience resort-style living minutes away from the heart of the city. An array of recreational facilities, including a swim club, private beach access, landscaped grounds, a fully equipped and staffed health club and a 6,500-square-foot event space and spa helped make Oceana a multiple award-winning property.

The community’s 16 buildings were constructed one at a time over the course of fifteen years, beginning in 1999, with the completion of the 16th building in late 2014. The units feature high ceilings, panoramic city views, washer-dryer hook-ups, marble baths and chef’s kitchens.

Oceana is bounded by the boardwalk and the Atlantic Ocean, Brighton Beach Avenue and the Manhattan Beach community. This showcase development is situated in one of New York’s most vibrant neighborhoods, and only a 30-minute express train ride to Manhattan. It is minutes from major highways and is in close proximity to JFK and LaGuardia airports.

INVESTMENT STRATEGY

The site, once the home of the Brighton Beach Baths, had been visualized as a residential development since 1955. After a long and difficult approval process by the previous owner, we purchased the site in 1998 and implemented the vision that replaced a few unremarkable high-rise buildings with a much more contextual development. We had long recognized a need for a prime residential development within this strong, tight-knit, culturally rich community. It would take years of skill and expertise to make it happen. Planning, zoning permits, environmental impact statements, site and community approval processes had to be obtained and/or delivered before construction finally broke ground on our vision in 2000.

Patience, persistence and awareness of the needs of the local community quickly paid off. Introduced at a time when there had been virtually no mid-rise residential development in all of Brooklyn for many years, units were snapped up by receptive buyers, who learned of the property by word of mouth. The development has been honored with multiple local and national awards, including the 2001 Long Island Builders Institute Award, the 2002 and 2007 Brooklyn Chamber of Commerce Building Brooklyn Award, the 2003 National Association of Home Builders Multi-Family Best for Sale Housing Award and the 2004 National Sales and Marketing Council Best Homes Award.