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