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

Saturday, October 25, 2014

Coney Real Estate soaring

WSJ excerpt

“There are a lot of national tenants who just moved in or are about to open doors,” says Alex Svetlakou, of the real-estate firm Massey Knakal. “It’s near the trains, plus you’re near the ocean, near the Belt Parkway, so logistically it’s just a great area to be in.” 

Real estate includes the Trump Village cooperatives, where two-bedroom units are listed for around $350,000. Single-family houses may sell for around $400,000. Apartments in a new luxury building, the Oceanview Condominium on West 32nd Street recently hit the market, with asking prices ranging from $450,000 for a one bedroom to $1.1 million for the penthouse.

“People are finding they can get a lot more for their money and unique views that they wouldn’t be able to get in other neighborhoods,” says Marcie Bachar of Warren Lewis Sotheby’s International Realty, who is selling the Oceanview condos. In neighboring Brighton Beach, she says, comparable apartments would probably cost $200 to $300 more a square foot.

The median price for all residential listings in Coney Island last week was $499,000, StreetEasy.com says.

http://online.wsj.com/articles/coney-island-sees-change-with-hope-for-more-1414202455

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