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Old Posted May 15, 2018, 1:52 PM
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Coney Island Readies For Cyclone Of Huge New Developments

May 14, 2018
Miriam Hall

John Catsimatidis’ Red Apple Group, for example, is building Ocean Dreams, a development with more than 400 units at 3514 Surf Ave. Cammeby’s International is developing a mixed-use building at the site of the Trump Village Shopping Center at Neptune and Sixth avenues. Taconic Investment Partners is joining with the Prusik Group and L+M Development to build a major mixed-used complex at 1709 Surf Ave. The area feels as though it is on the brink of a resurgence, with developers on the hunt for cheaper land opportunities and renters and buyers willing to move farther afield. But there are still a number of hurdles — chief among them a dearth of transportation — developers need to overcome. “Ever since we had the courage to [develop in the area], there’s been a lot of money flowing to Coney Island,” Catsimatidis said. “When people heard I was doing it, they followed us. It was the same thing when we developed in Downtown Brooklyn.”

Catsimatidis said his 21-story, mixed-use tower spanning 432K SF is now built to around the sixth or seventh floor, and he predicts it will come to market in the spring or summer of 2019. The development will consist of 440 market-rate apartments. It will feature a supermarket and a drugstore, and Catsimatidis has vowed to build a trolley that will run the 21 blocks to the Stillwell Avenue subway station. He told Bisnow he is also negotiating with the city to bring a new ferry service to the area, which would allow people to be in Downtown Manhattan in 35 minutes.

Ruby Schron’s Cammeby’s International will later this month unveil its new 161K SF office and retail building at 626 Sheepshead Bay Road. The building, which Cammeby's says is 50% leased, is part of a residential and commercial complex at Neptune and Sixth avenues.

Meanwhile, Taconic has filed for permits to build 1,000 units across three blocks with 80K SF of offices and 150K SF for retail. When developers make these type of investments, it can act as a signal to the market the area has real potential, local experts said. “It gives people most confidence to gear up for the south,” said TerraCRG Director of Business Development Daniel Lebor, adding that Taconic’s planned project is “enormous."
NEW YORK heals.

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