The iconic Connolly’s Bar, a Rockaway staple for 60 years in the community, has sold for a whopping $4.5 million, The Wave has learned – a record cap rate (4%) for the entire peninsula .
According to local real estate developer Ed Patisso of Rockaway Development Group, Inc., a 4% cap rate is “on par with some of New York’s best neighborhoods.”
The capitalization rate is the rate of return of a real estate investment property based on the income that the property is expected to generate.
“I’ve never seen anything like it (in the Rockaways),” Patisso said. “In Queens, I’ve seen cap rates as low as 5%, which is staggering. But it’s in the 4% range – a total record.
Connolly’s Bar Properties – located on Cross Bay Boulevard – consists of three sites/lots – totaling 12,500 square feet. The property and adjacent lots originally listed for sale at $6 million in October 2020 and ended up officially selling for $4.5 million on April 21 of this year.
Former owner Dan Aquilante could not be reached for comment, but according to a local real estate source speaking on condition of anonymity, Aquilante is semi-retired and currently living out of the country, which was the “driving force” behind the sale. .
“Another big story here, in addition to its price, is that (Connolly’s) was not sold to developers to build condos. It was sold to locals who are expected to carry on the establishment’s legacy,” the source explained. “It’s been very positive for the community – a good mix of traditions continuing and new things happening.”
New owners include Michael Reinhardt, founder of “Locals Surf School”, and a group of friends and family.
Although Reinhardt isn’t making any personal comments, according to his Instagram page, the plan is to “honor the tradition and history of (Connolly’s) because it’s more than just a bar; it is an institution, community and facility that has been celebrating Rockaway Beach history since 1962. We are also so grateful that the previous owners entrusted us with the task of carrying on their legacy and we look forward to doing so.”
Reinhardt went on to say in his post that “Connolly’s aren’t being torn down and turned into condos, (and) we’re not changing anything inside the bar.”
Only a local would truly understand and believe in the value of the Connolly’s bar business, Patisso said, adding that he believes “that’s ultimately why the deal ended up in the hands of the” locals. “”.
