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

Monday, October 27, 2014

17 acre Coney site on the market

Crains excerpt -

National Grid is looking to long-term lease a nearly 17-acre parcel of land in Coney Island that was once home to one of the utility's predecessors, the Brooklyn Borough Gas Works facility.

The parcel, which is being marketed by a team from Massey Knakal Realty Services, is one of the largest undeveloped pieces of land in the city, and comes with the right to build nearly 1.5 million square feet of space—more than the entire square footage of the Chrysler Building, for example. The property is bounded to the north by the Shore Parkway and to the south by Coney Island Creek, and is zoned for manufacturing, though it could accommodate a variety of commercial or retail uses.

"There are some nuances to the transaction, but based upon its location and the density over there, I think this screams large-scale retail," said Stephen Palmese, partner at Massey Knakal.

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