Urban Realty Partners and Mar Mar Realty have acquired Whitestone Lanes, a historic bowling alley in Flushing, Queens, for $45 million. The Midtown-based developer and the bowling alley's long-time ownership family are partnering to transform the property into a multifamily residential development.
Whitestone Lanes operated as a neighborhood fixture in the Flushing area before the sale. Mar Mar Realty, the private development entity controlled by the bowling alley's multigenerational owners, retained a stake in the joint venture rather than exiting entirely. This structure suggests the family remains invested in the project's success while bringing in Urban Realty Partners' development expertise.
The $45 million price reflects strong land values in Queens, particularly in transit-accessible neighborhoods like Flushing. The deal represents a significant shift in how the property will be used. Residential development typically generates higher long-term returns than recreational facilities in dense urban markets.
For the local community, the redevelopment means the loss of the bowling alley as a gathering space. Flushing residents who used Whitestone Lanes for entertainment and social activities will need to find alternatives. The project will likely bring new housing supply to Queens, where demand remains strong and affordable inventory is tight.
Buyers interested in new residential units in this area should expect typical development timelines of 2-4 years from approval to completion. The Flushing location offers proximity to subway access and retail corridors, making it attractive for both owner-occupants and investors seeking rental income in an established neighborhood.
Tenants in the new building may benefit from modern amenities and construction, though rents will likely reflect the development costs. The deal underscores how Queens, particularly neighborhoods with transit connections, continues attracting development capital away from commercial uses toward residential projects that serve New York City