Condo Developer Pays $3.6 Million For Three Properties On Sheepshead Bay Road

Another multi-million dollar land purchase has taken place in the red-hot real-estate market near Sheepshead Bay’s waterfront.

Three properties, located across the street from the swanky condo building that will replace El Greco Diner, were sold last month for a combined total of $3.66 million, city records show. One of the properties is the vacant lot at the corner of Shore Parkway and Sheepshead Bay Road, which went for $1.7 million. The two adjacent buildings, one of which houses Beach Haircutting, sold for 980,000 each.

The properties’ previous owner was Ralph Marchetta — who late last year submitted plans to construct a six-story, 70-foot-tall residential building on the vacant lot. That plan was rejected by the Department of Buildings for being incomplete and when we spoke with Marchetta in December he said he hadn’t decided what he would do with the land.

The buyer in the deal is Starealty Estate, a company that describes itself on its website as: “Combined with the top developers in the city, we mass produce luxury condominiums, luxury homes and commercial properties.”

A broker at the company, Rebecca Goldberg, said they have no “approved plans” to develop the properties. However, more details are likely forthcoming, she explained.

“When you buy a vacant lot, you don’t just look at it,” she said.