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

Wednesday, July 27, 2016

AMNY - Coney Island residents seeing big changes as real estate booms

AM NY excerpts -

“The good times are here,” said Eddie Mark, the district manager of the local Community Board 13, who has lived in the neighborhood for 21 years. “Businesses, investors and franchises want to come to the neighborhood and I think things like that show that we’re on an upswing.”

To improve the lives of current residents, the city invested $137 million in 2009, under the Coney Island Strategic Plan, to repair the area’s roads and sewer system. In 2014, Mayor Bill de Blasio gave another $180 million under his Housing New York plan for additional infrastructure improvements in the area.

Meanwhile, several chain restaurants moved into Coney, such as Wahlburgers, which opened last year at 3015 Stillwell Ave., and IHOP, expected to open in October at 1019 Surf Ave.

 Also coming to Coney Island is a residential and retail project called Neptune/Sixth, being developed by Cammeby’s.

Half of it will be a seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road, set to open in the summer of 2017. Retailers will include a pharmacy, restaurants, a bank, according to a Cammeby’s spokesperson. 

The second half of the project is a residential tower at 32 Neptune Ave., which will be the tallest building in Brooklyn at 40 stories high and is slated for completion in the next two to three years.

 Along with the Neptune/Sixth project, several other apartment buildings are under construction, including 2856-2858 Stillwell Ave., which will have 60 apartments and is expected to open by October of this year.

Newcomers are flocking to the neighborhood since rental and home prices are currently less expensive than in other parts of Brooklyn, according to Dave Maundrell, executive vice president of Brooklyn new developments at Citi Habitats.

“A lot of people have moved to Coney Island because it’s more affordable,” he said. “And everything is getting better down there. It’s going in the right direction, but there’s a long way to go.”

1 comment:

BIC said...

Mr. Robot Tourism doesn't hurt either