The warranty deed for the property transaction, which was filed at City Hall on July 19, sheds some light on the possible identity of the owners.

NEWPORT — Few commodities are as rare — and valuable — in the City-by-the-Sea as undeveloped or underdeveloped waterfront properties. One of those properties recently changed hands for $3 million.

44 Ocean Partners LLC purchased the privately-operated parking lot at 24 Lee’s Wharf from J Class Management Inc., the Newport-based company that restores and preserves yachts and houses. The lot is sandwiched between Lee’s and Howard wharfs, with a condominium development just to the north.

An online real estate advertisement labeled the property a “rare opportunity to own one of the remaining waterfront lots available in downtown Newport.” It also said that “initial plans” for a condominium development are available with "NCA architects.” A message seeking comment from Northeast Collaborative Architects, which has an office in Newport, was not returned Tuesday.

The city’s Planning Department does not have any pending applications on file for the property, City Planner Peter Friedrichs told The Daily News.

Some questions remain about who actually owns 44 Ocean Partners LLC. The limited liability company filed its articles of organization with the Rhode Island Department of State on June 27. Its listed resident agent is local attorney David Martland. According to the paperwork, the limited liability company is managed by its members, meaning the state did not require it to provide a list of managers with their names and addresses.

Martland told The Daily News on Tuesday afternoon that he was waiting to hear back from his client before commenting.

The warranty deed for the property transaction, which was filed at City Hall on July 19, sheds some light on the possible identity of the owners. The paperwork lists 66 Ocean Ave., which is home to The Ledges estate, as the address for 44 Ocean Partners LLC.

The picturesque, waterfront property is owned by Ledges 66 LLC, with Howard G. Cushing Jr. and Nora K. Cushing, of Boca Grande, Florida, listed as its managers, according to the Department of State.

The Lee’s Wharf property off Thames Street measures about three-quarters of an acre and has a total assessed value of $1.675 million, according to the city’s online real estate records. The property has a 900-square-foot, single-story structure.

J Class Management, the property’s previous owner, was founded by Elizabeth Meyer in 1988 to “restore, preserve, document and manage classic yachts and historic buildings,” its website said. Meyer and Marcia Whitney, who joined the company in 1990, have “rescued and restored hundreds of irreplaceable yachts and houses, preserving historically significant parts of the world’s maritime and architectural heritage.”

In 1993, Meyer and John Mecray founded the International Yacht Restoration School that is now located on Thames Street close to the parking lot property.

With support from the school, J Class has “restored more than 250 additional classic sailing and power yachts.”

No one from the company that is located at 28 Church St. returned a voice message seeking comment.

dgomes@newportri.com