The New Coney Island - Brooklyn's Times Square by the Sea

Thursday, September 19, 2013

$15 Millon sale on Neptune Ave

Real Estate Weekly excerpt -

A development site at 809-873 Neptune Avenue in Brooklyn’s Coney Island neighborhood was sold for $15,000,000. The site contains 133,407 s/f and its M1-2 zoning allows a wide array of uses, including retail and light industrial The property benefits from up to approximately 226,814 buildable square feet of commercial or industrial development rights.

Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction, noted that a significant number of large residential developments within a half mile of the site, represent an established
neighborhood with built-in demand  The site is just a few blocks from the New York Aquarium, the Riegelmann Boardwalk, and the Coney Island amusement area.

“National Grid’s commitment to Coney Island has had a profound impact on the area’s economic and cultural growth,” said Palmese. “The sale of their Neptune site will continue in that vein and will provide much needed commercial development and jobs to the neighborhood.

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