{"id":281328,"date":"2026-06-29T17:39:41","date_gmt":"2026-06-29T17:39:41","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/281328\/"},"modified":"2026-06-29T17:39:41","modified_gmt":"2026-06-29T17:39:41","slug":"historic-queens-bowling-alley-trades-for-45m-to-multifamily-jv-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/281328\/","title":{"rendered":"Historic Queens Bowling Alley Trades for $45M to Multifamily JV \u2013 Commercial Observer"},"content":{"rendered":"

The operators of the Whitestone Lanes<\/a> bowling alley in Flushing, Queens, have gotten the ball rolling on a major multifamily redevelopment.\u00a0<\/p>\n

Midtown-based development firm Urban Realty Partners<\/a> joined Mar Mar Realty<\/a>, the private development arm of the bowling alley\u2019s multigenerational owners, to acquire the site for $45 million, Commercial Observer has learned.\u00a0<\/p>\n

SEE ALSO: Waterton Buys South Florida Rental for $81M<\/a><\/p>\n

The joint venture will transform the 48-lane bowling alley at 30-05 Whitestone Expressway into dense, multifamily housing. The 81,150-square-foot lot was rezoned several years ago to accommodate more than 406,000 square feet of residential development, much to the ire<\/a> of the bowling alley\u2019s devoted local patrons.\u00a0<\/p>\n

A conceptual plan approved in 2024 detailed a nine-story development with 415 apartments, but the joint venture\u2019s current plans are unclear.\u00a0<\/p>\n

The redevelopment is expected to include affordable housing, benefiting from the city\u2019s mandatory inclusionary housing program, the federal Opportunity Zone program and eligibility for the state\u2019s 485-x tax incentive program. The site will also feature public open space along the southern corridor of Farrington Street and 31st Road.<\/p>\n

Located adjacent to the Whitestone Expressway, the future multifamily building will reside in close proximity to Downtown Flushing, Citi Field and the massive redevelopment<\/a> at Willets Point.\u00a0<\/p>\n

Whitestone Lanes, opened in the 1960s by the Macaluso family, is a longtime local landmark. Once dubbed the \u201choly grail of bowling<\/a>\u201d by the New York Times, the business was well known for its pre-COVID 24\/7 operating hours and no-frills style. Owner Marco Macaluso first listed the building for sale for $60 million in 2015<\/a> and initiated the rezoning process for the site.\u00a0<\/p>\n

JLL<\/a>\u2019s Mike Mazzara, Ethan Stanton and Brendan Maddigan negotiated the recent transaction directly with the joint venture.\u00a0<\/p>\n

\u201cOur objective was to identify a buyer with the vision, capitalization and execution capabilities necessary to realize the full potential of the site,\u201d Mazzara said in a statement. \u201cUrban Realty Partners emerged as the ideal partner, and we are pleased to have helped the Macaluso family successfully complete this transaction.\u201d<\/p>\n

The $45 million joint venture capitalization was made possible with $37.06 million in financing, arranged by JLL\u2019s Aaron Niedermayer. A JLL spokesperson declined to comment on the identity of the lender.<\/p>\n

\u201cOpportunities of this scale are exceptionally rare in New York City, particularly within a high-growth submarket like Flushing,\u201d Niedermayer said in a statement. \u201cThe combination of strong market fundamentals, significant residential density potential, Opportunity Zone benefits and the ability to deliver a large-scale multifamily project created a compelling investment opportunity that generated substantial lender interest.\u201d<\/p>\n

A post on Reddit\u2019s r\/Flushing page from earlier this month shared a photo of an informal closure announcement on Whitestone Lanes\u2019 door, reading, \u201cThank you to all our customers for all the years!\u201d\u00a0<\/p>\n

Principals at Mar Mar Realty and Urban Realty Partners did not immediately respond to requests for comment.<\/p>\n

Emily Davis can be reached at edavis@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The operators of the Whitestone Lanes bowling alley in Flushing, Queens, have gotten the ball rolling on a…\n","protected":false},"author":2,"featured_media":281329,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[107918,107919,18455,60364,18457,2664,107920,107921,107922,9,24,63,122,124,123],"class_list":["post-281328","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-30-05-whitestone-expressway","tag-aaron-niedermayer","tag-brendan-maddigan","tag-development-site-sale","tag-ethan-stanton","tag-investments-sales","tag-macaluso","tag-marco-macaluso","tag-mike-mazzara-channel","tag-new-york","tag-new-york-city","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/281328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=281328"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/281328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/281329"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=281328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=281328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=281328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}