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Old Posted Oct 13, 2018, 5:13 AM
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Join Date: Jul 2001
Location: Borough of Jersey
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Didn't know Ocean Dreams was supposed to expand...

A Supermarket King Expands His Inventory

By Jane Margolies
Oct. 12, 2018

Mr. Catsimatidis hopes to expand Ocean Dreams to include three more towers, but he has yet to get city approval.

Ocean Dreams, a 425-unit luxury rental complex overlooking the Atlantic on the western end of Coney Island, recently topped out and is expected to open next summer. Comprising two 21-story towers on a podium, it is the fifth project Mr. Catsimatidis has undertaken in Brooklyn in less than a decade, following four on Myrtle Avenue in Fort Greene, each more ambitious than the last. He also owns land on either side of the Ocean Dreams towers that he is itching to build on, as well as another beachfront parcel a couple blocks east.

The Ocean Dreams complex fronts on Surf Avenue between 35th and 36th Streets, steps from the private Seagate enclave. To the west is a smaller parcel that has already been approved for an 11-story apartment building. But Mr. Catsimatidis has a bigger vision for the spot, according to an updated rendering he shared for a building that would be considerably taller than the 21-story towers that have just topped out.

And to the east of Ocean Dreams — where a shuttered complex that once housed a social-service agency is set to be demolished, despite efforts by locals to convince the city to turn it into a community center — the rendering shows two more towers that would also eclipse the ones currently being built. Red Apple owns this site, but its current zoning only allows four- or five-story buildings.

Mr. Catsimatidis, who goes by “Cats” on his radio talk show on WNYM, “The Cats Roundtable,” clearly envisions his own boardwalk empire. Whether he will get permission to realize it remains to be seen. “We’ve got to talk to the city,” he said.

The Stillwell Avenue subway station is a mile away, but Red Apple plans to run a shuttle bus for building and area residents styled after San Francisco cable cars. The complex also has 301 parking spaces. Some local residents have expressed concerns about increased traffic from the complex and other new developments in the neighborhood.

Coney Island is known as a popular summer destination, but it has a year-round population of 50,000, much of it poor, and the neighborhood experienced severe flooding during Hurricane Sandy. Ocean Dreams, which is costing $270 to $280 million to build, according to Mr. Catsimatidis, stands on hundreds of piles, with its first floor five feet above sea level. He thinks the trouble will be worth it.

Mr. Catsimatidis is betting that people will be lured by the chance to overlook the ocean. “When you’re up there and you open the balcony doors and breathe in the ocean air,” he said, “you’ll live 10 years longer.”
NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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