Sunrise Senior Living Buys Oceanside Site for $7.5M
Lee & Associates NYC Closes $7.5M Oceanside Land Deal for Sunrise Senior Living After Nine-Year Effort
The New York Real Estate Journal reports that Lee & Associates NYC Executive Managing Director and Principal Kelly Koukou closed the $7.5 million acquisition of a 2.84-acre development site at 374 Atlantic Ave. in Oceanside on behalf of Sunrise Senior Living. The purchase contract was originally signed in 2017 and required nearly nine years of municipal approvals, public hearings and an extended entitlement process — including delays tied to the COVID-19 pandemic — before closing in 2026. Marlon Matza of Strategic Realty Advisors represented sellers Grossman Nurseries and Breslin Development.
Sunrise plans to develop a three-story, 77,400 s/f assisted living and memory care community with 84 residential units on the site, addressing rising demand for senior housing on Long Island.
“This transaction is a reminder that commercial real estate brokerage often requires much more than simply bringing a buyer and seller together,” said Kelly Koukou of Lee & Associates NYC. “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.”