Living on the ocean in Far Rockaway

A 15-story building at 120 Beach 26th Street in Far Rockaway that had been the subject of lawsuits, tenant disputes and a federal investigation has been transformed into a luxury apartment building with not only waterfront views but several amenities that should entice renters.

Formerly known as the Metroplex on the Atlantic, the plan was for 126 condominiums. Due to the economic downturn in 2008, the property went into foreclosure. Originally on the market for $38 million, the Mineola-based Capitale Property Management group purchased the building at a bankruptcy auction in April for $27.6 million.

Capitale has completed renovation of eight floors, where one- to two-bedroom units will be available on July 1. The remaining units will be ready by Aug. 1, said Kim Hassan, the office manager for Capitale. The majority of the apartments have terraces and there is an indoor parking garage, 24-hour security and doormen. Each apartment is assigned one parking space. The existing rooftop pool remains closed at this time.

“Ocean Blue has all ocean views off of the balconies and terraces,” Hassan said. “It is a pet friendly building. The units have washers and dryers, there is a state-of-the-art fitness center and access to the beach.” Rents range from $1,475 to $3,000 per month, she said.

Previously owned by Elzbieta Mielczarek, the building was originally put up for sale in 2010, when it went into foreclosure. Mielczarek filed for bankruptcy in May of last year and had to sell the building to pay creditors.

Legal troubles began in 2006, when the building was under construction. A neighbor, Richard George, sued Mielczarek. He claimed the project blocked public access to the waterfront. Six years later, tenants, who believed they had rent-to-purchase contracts, learned that the building had been in foreclosure since 2010.

In 2014, State Attorney General Eric Schneiderman sued Jerzy Szymcyck, the building manager and Mielczarek for “persistent fraudulent and illegal practices,” according to Schneiderman, that involved the lease and attempted sale of the units. A judge prohibited Mielczarek from selling the units.

David Kasner, a Long Beach-based real estate agent with Douglas Elliman, and the exclusive listing agent for Ocean Blue, said these apartments are unique to the area. “There is Wavecrest and those are nice apartments but not on the ocean,” he said. “This is a different feel of living compared to the other buildings that are just regular apartments, this is a complete luxury lifestyle with all of the amenities. I had 56 inquiries in 24 hours.”