The operators of the Whitestone Lanes bowling alley in Flushing, Queens, have paved the way for a significant change of use into a multifamily project. Midtown-based development firm Urban Realty Partners has teamed up with Mar Mar Realty, the private development arm of the bowling alley owners' family, to acquire the site for US$45 million.
The newly formed joint venture intends to convert the 48-lane bowling alley at 30-05 Whitestone Expressway into a dense residential complex. The 81,150-square-foot site was rezoned several years ago to allow for residential development of over 406,000 square feet. This was met with disapproval from the bowling alley's long-standing regulars. A concept plan approved in 2024 envisioned a nine-storey development with 415 residential units; however, the joint venture's current plans are not yet publicly known.
Project Scope and Financing
The new development is also expected to include affordable housing, with the project set to benefit from New York City's Mandatory Inclusionary Housing programme, the federal Opportunity Zone programme, and eligibility for the state's 485-x tax incentive programme. The site will also offer public open spaces along the southern corridor of Farrington Street and 31st Road. Located next to the Whitestone Expressway, the future multifamily building will be in close proximity to downtown Flushing, Citi Field, and the extensive redevelopment in Willets Point.
Whitestone Lanes, founded in the 1960s by the Macaluso family, is considered a long-standing community landmark. Once described by The New York Times as the 'holy grail of bowling', the business was known for its pre-COVID 24/7 operating hours and no-frills style. Owner Marco Macaluso first offered the building for sale in 2015 for US$60 million and initiated the rezoning process for the site. Mike Mazzara, Ethan Stanton, and Brendan Maddigan of JLL negotiated the recent transaction directly with the joint venture.
Mike Mazzara stated that their goal was to find a buyer with the necessary vision, capitalisation, and execution capabilities to realise the full potential of the site. Urban Realty Partners proved to be the ideal partner, and they were pleased to have supported the Macaluso family in successfully completing this transaction. The joint venture's US$45 million capitalisation was made possible by US$37.06 million in financing, arranged by Aaron Niedermayer of JLL. A JLL spokesperson declined to comment on the identity of the lender.
Market Potential and Investment Opportunities
Aaron Niedermayer emphasised that opportunities of this magnitude are extremely rare in New York City, particularly in a high-growth submarket like Flushing. The combination of strong market fundamentals, significant potential for residential density, Opportunity Zone benefits, and the ability to deliver a large-scale multifamily project created an attractive investment opportunity that generated significant interest from lenders. A post on the r/Flushing Reddit page this month showed a photo of an informal closing announcement on the door of Whitestone Lanes, which read: 'Thank you to all our customers for all the years!' Representatives for Mar Mar Realty and Urban Realty Partners did not initially respond to interview requests.
