Address: 75 Oceana Drive East, Brooklyn, NY 11235 (Sales & Administration Office)
Submarket: Brighton Beach, Brooklyn
Size: 15 Buildings, 865 Condominiums Year Built: 2001 – 2010
Muss Value Add: Guidance of property through complex City ULURP zoning process;
addition of significant infrastructure to previously undeveloped land in urban infill situation;
sales, marketing and construction handled 100% in-house

Property Overview

The Oceana Condominium & Club is a 865-unit residential development offering resort-style living, minutes from Manhattan. Built as a network of "neighborhood-scaled" streets on a full-scale15-acre site in Brighton Beach, this showcase development is bounded by the boardwalk (and the Atlantic Ocean), Brighton Beach Avenue and the Manhattan Beach community. Oceana is located in one of New York City's most vibrant neighborhoods, steps from cafes, shops and a 30-minute express train ride to Manhattan. It also sits just minutes from major highways and is in close proximity to both JFK and LaGuardia airports.

Investment Strategy

The site, once the home of the Brighton Beach Baths, had been visualized as a residential development since 1955. After a long and difficult approval process by the previous owner, Muss Development LLC purchased the site in 1998 and implemented the vision that replaced a few unremarkable high-rise buildings with a much more contextual development. Muss had long recognized a need for a prime residential development within this strong, tight-knit, culturally rich community. It would take years of skill and expertise to make it happen. Planning, zoning permits, environmental impact statements, site and community approval processes had to be obtained and/or delivered before construction finally broke ground on Muss' vision in 2000.

The planned $250 million, 15-tower development that would become Oceana was built in a multi-phase development strategy, one building at a time. This strategy allowed for any adjustments dictated by market demand or other unforeseen issues. The buildings themselves were intentionally more in keeping with traditional Brooklyn housing, designed to appeal to the local market. They offered larger, family-oriented apartments – and fewer per building. Apartment amenities included marble baths, high ceilings, chef's kitchens and panoramic ocean and city views. Adding to the appeal of the residential units, Muss completed an array of recreational facilities, including a swim club, private beach, landscaped grounds, fully equipped and staffed health club and a 6,500-square-foot event space and spa. 1,200-car parking capacity in the complex was also a necessary inclusion.

Patience, persistence and awareness of the needs of the local community quickly paid off. Introduced at a time when there had been virtually no mid-rise residential development in all of Brooklyn for many years, units were snapped up by enthusiastic buyers, who learned of the property by word of mouth. The development has been honored with multiple local and national awards, including the 2001 Long Island Builders Institute Award, the 2002 and 2007 Brooklyn Chamber of Commerce Building Brooklyn Award, the 2003 National Association of Home Builders Multi-Family Best for Sale Housing Award and the 2004 National Sales and Marketing Council Best Homes Award.

By 2009, 15 buildings had been constructed – and all inventory sold out. Now plans are underway to construct a 16th tower on land formerly slated to be a parking garage.