Most notable is Cammeby’s International’s projects at 532 Neptune Avenue and 626 Sheepshead Bay Road. Cammeby’s already owns or manages more than 2,000 rental units in Coney Island and surrounding neighborhoods. The planned residential tower at 532 Neptune Avenue will rise 42 stories, becoming the tallest in Coney Island, and will have 576 market-rate rental apartments, according to a spokeswoman for the company. (The tower is an as-of-right project and therefore wouldn’t be mandated to include affordable housing, like Catsimatidis’ properties may for extra height.)
Cammeby’s hopes to start constructing the tower, which will also include about 90,000 square feet of retail at its base, by the end of this year. The second building at 626 Sheepshead Bay Road will be an office and retail structure featuring 161,000 square feet of space across seven stories. Cammeby’s is targeting medical offices and law firms for the office section and has already started building the property. Winick Realty Group will be handling leasing for retail and office at both buildings. The project also includes 800 parking spaces.
“While many other areas of Brooklyn have experienced a construction boom over the past several years, there has been little new development activity in Coney Island,” the spokeswoman for Cammeby’s said in an email. “With an increase in recent investment along the boardwalk meant to make Coney Island a year-round destination—including the new amphitheater—Cammeby’s sees an opportunity to deliver a new high-quality mixed-use development that will complement the unique culture and character of Coney Island and address the demand for new commercial and housing options.”