A truly rare waterfront opportunity on Jamaica Bay! Offered for the first time in generations, this extraordinary three-family home sits on an exceptionally oversized waterfront property, offering an incredible combination of substantial interior living space, expansive grounds, rental income and tremendous development potential. Properties of this size and magnitude are nearly impossible to find! The home is comprised of an expansive owner's residence, a two-bedroom rental apartment and a one-bedroom rental apartment, providing tremendous flexibility for multigenerational living or an owner-occupant seeking substantial rental income. The sheer scale of the property, both inside and out, sets it apart from virtually anything else available in the area. Outside, the enormous backyard and sprawling side yard offer an incredible amount of private outdoor space, complemented by endless views of Jamaica Bay, a private boat slip and a newly installed bulkhead. For boating, fishing, jet skiing and waterfront enthusiasts, this is a dream setting. Adding to its appeal is the extraordinary development potential. Current FAR allows for in excess of 11,000 square feet of buildable space, presenting significant possibilities for future expansion or redevelopment. Buyers should consult with an architect to explore what may be permitted. Whether you're seeking a substantial waterfront residence, a live-and-earn investment, a multigenerational compound or a property with exceptional future upside, this is a once-in-a-generation opportunity that simply cannot be replicated!