Sunrise Senior Living has closed on a long-planned development site in Oceanside, NY, following an entitlement process that stretched nearly nine years from contract to completion. Lee & Associates NYC represented Sunrise in the $7.5 million acquisition of the 2.84-acre parcel at 374 Atlantic Ave., while Strategic Realty Advisors represented the sellers, Grossman Nurseries and Breslin Development.
The parties first entered into a purchase contract in 2017, anticipating a relatively standard entitlement timeline. Instead, the deal evolved into a protracted effort that required multiple layers of municipal approvals and a series of public hearings. The extended entitlement work coincided with the onset of the COVID-19 pandemic and related legal proceedings, adding further complexity and delay before the sale ultimately closed in 2026.
Throughout the nearly decade-long process, Lee & Associates NYC remained engaged on behalf of Sunrise Senior Living. Kelly Koukou, executive managing director and principal at the firm, represented Sunrise in navigating the shifting conditions around the deal. According to Koukou, the transaction underscored that brokerage work can extend far beyond matching buyers and sellers, requiring sustained involvement through regulatory hurdles, market changes and unanticipated challenges.
On the sell side, Grossman Nurseries and Breslin Development were represented by Marlon Matza of Strategic Realty Advisors. The completion of the transaction marks the conclusion of years of positioning and negotiations for the development site, which is now set to move from a planning phase into active development under Sunrise’s direction.
Sunrise Senior Living plans to build an approximately 77,400-square-foot assisted living and memory care community on the property. The project is designed to include 84 residential units, providing assisted living accommodations alongside dedicated memory care services. With the land acquisition now finalized, Sunrise can shift its focus from entitlements and approvals to the delivery of new senior housing capacity at the Oceanside location.
The transaction highlights how extended approval processes and community review can significantly lengthen the path from initial contract signing to closing, particularly for senior housing and care facilities. Even so, the closing of this sale provides a clear path forward for Sunrise Senior Living to expand its footprint with a new assisted living and memory care community in Oceanside.
