Development Site Sale Closes Nearly Nine Years After Going Under Contract

Lee & Associates NYC has completed the $7.5-million acquisition of a 2.84-acre development site at 374 Atlantic Ave. in Oceanside, NY on behalf of Sunrise Senior Living, concluding a transaction that spanned nearly nine years. Kelly Koukou, executive managing director and principal at Lee NYC, represented Sunrise Senior Living. Marlon Matza of Strategic Realty Advisors represented the sellers, Grossman Nurseries and Breslin Development.

The parties originally signed the purchase contract in 2017, expecting a typical entitlement process. Instead, the project evolved into a complex, multi-year effort involving municipal approvals, public hearings and an extended entitlement process that coincided with the COVID-19 pandemic and related legal proceedings before ultimately closing in 2026.

“This transaction is a reminder that commercial real estate brokerage often requires much more than simply bringing a buyer and seller together,” said Koukou. “Over the course of nearly nine years, we worked alongside our client through a complex entitlement process, changing market conditions and unforeseen challenges, while never losing sight of the end goal. We’re proud to have helped Sunrise reach this important milestone, and we’re excited to see the project move from years of planning into development.”

Sunrise Senior Living plans to develop an approximately 77,400-square-foot assisted living and memory care community on the site, with 84 residential units offering assisted living and dedicated memory care services.