Space, style & modern luxury come together at 661 Grassmere Terrace! A 25x40 Built two family sitting on 42x95 lot on a beautiful quiet, tree lined street of Far Rockaway. Featuring a wide private driveway, tons of yard space to enjoy family & friends gatherings. Property spans 3,000 sq/ft of living space and is the perfect opportunity for buyers looking for income generating rental property to assist with mortgage payments and space.
The Rental unit is configured as 3 bedroom 2 bath rental which has the ability to generate $4,000/month to assist with mortgage payments. The owners unit is also a 3 bedroom 2 bath and can easily be used as a garden-basement duplex to create additional living/recreational space.
Both units enjoy expansive sun drenched formal living area which provides great space for entertaining. The formal dining area overlooks the beautiful granite kitchen any chef will love. Kitchen features floor to ceiling custom cabinetry, adorned with a full fleet of stainless steel appliances, and equipped with island with bar stool seating. 3 spacious king sized bedrooms, each equipped with ample closet space. The elegant primary suite is equipped with a private en suite with spa like finishes. Down the hall an additional bathroom is shared between the two other bedrooms and boast state of the art wall & floor tiles.
The high ceiling full finished basement is equipped with both interior and exterior access and can easily be used as the perfect in law suite, media den, storage space, or additional recreational space.
661 Grassmere Terrace has been fully gutted and remodeled by an expert team of contractors featuring select wide-oak wood flooring, recessed lighting, updated electrical, heating, and plumbing systems throughout.
Conveniently located with close proximity to major transportation which makes commuting a breeze. Short block to Rockaway Freeway, Cornaga Avenue, Ocean Crest Blvd. Stones throw to transportation, schools, shopping centers, restaurants, cafes, parks and many other vibrant neighborhood amenities.
Listed by Gabriel Kashi
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Keystone Realty USA Corp
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631-261-2800
Listed by Alexander Dubetsky
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Keystone Realty USA Corp
Last updated August 17, 2025
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Source: OneKey #882863
Listing Facts
TypeMulti-family
NeighborhoodBayswater
Bedrooms6
Bathrooms5
Days on Prevu72
Taxes$5,444.64/year
Amenities
Parking
Location
Mortgage Calculator
Listing History
08/14/2025
Price Increased
$1,125,000
06/26/2025
Listed by Keystone Realty USA Corp
$999,000
Estimated Closing Costs
Total
$43,138
Attorney Fees
$4,000
NYC Mansion Tax
$11,250
Title Insurance
$5,063
Bank Attorney
$1,500
Mortgage Recording Tax
$17,325
Other Closing Costs
$4,000
Estimated closing costs are based on the list price of $1,125,000 and a 20% downpayment. These estimates are for indicative purposes only. Actual closing costs may vary for each transaction. See the Closing Costs Calculator for calculations specific to your situation.
Property Details for 661 Grassmere Terrace
Association
Amenities
Community Features: Park, Playground
Exterior
Construction
Number Of Units Total: 2
Year Built: 1996
Construction Materials: Brick, Frame
Measurements
Building Area Total: 2,000
Building Area Units: Square Feet
Lot Size Acres: 0.09
Lot Size Square Feet: 3,991
Financial
Taxes
Parcel Number: 15753-0098
Tax Annual Amount: $5,444.64
Tax Assessed Value: $44,520.00
Tax Year: 2024
Interior
Features
Interior Features: First Floor Bedroom, Chefs Kitchen
Rooms
Basement: Finished, Full
Has Basement: Yes
Bathrooms Full: 5
Bathrooms Total Integer: 5
Bedrooms Total: 6
Parking
Parking
Carport Spaces: 4
Carport: Yes
Parking Features: Driveway, Private
Utilities
Equipment
Cooling: Separate Meters, Wall/Window Unit(s)
Heating: Baseboard, Separate Meters
Sewer: Public Sewer
Utilities: Natural Gas Connected
Water Source: Public
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