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

Friday, September 30, 2016

CVS - First retail tenant for NeptuneSixth!

Brooklyn Eagle excerpt -

A new retail/residential development currently under construction in Coney Island is starting to attract commercial tenants, according to the property developer.

Cammeby’s International Group, the real estate firm handling Neptune/Sixth, a new mixed-use development going up at 532 Neptune Ave. and 626 Sheepshead Bay Road, announced on Sept. 28 that CVS Pharmacy has signed a lease to occupy a portion of the retail space at 532 Neptune Ave.

Under the lease, CVS Pharmacy will occupy approximately 11,300 square feet of ground-floor retail space in the building.

Until the space is ready, the pharmacy will be temporarily located at the corner of Neptune Avenue and West Sixth Street.

“As a community-oriented development, Neptune/Sixth aims to enhance the area by creating more modern accommodations for existing businesses — like CVS — as well as for new retailers that will add to Coney Island’s vitality,” Jacob Cohen of Cammeby’s said in a statement.

Neptune/Sixth is a redevelopment of the former Trump Village Shopping Center and Royal Palace Baths. The new development will house a variety of services and retail options, while adding new amenities like parking, according to Cammeby’s.

Construction on the development’s first phase, a seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road, is underway and is expected to be completed by the summer of 2017.

Cammeby’s expects to begin work for the retail portion of the Neptune Avenue site this fall.

Winick Realty Group has been retained as the exclusive retail leasing agent for Neptune/Sixth. The Lawrence Group is overseeing leasing for the development’s office space. 

At 40 stories, the Neptune Avenue building will be the tallest structure in Coney Island.

Wednesday, September 28, 2016

2701 Emmons Ave property sold for $12 million

Sure to become another luxury condo, as it is about the same price that El Greco sold for -

Commercial Observer excerpt- 

Rubin Schron’s Cammeby’s International and Kings County-based landlord Renaissance Realty Group have sold an office building at 2701 Emmons Avenue near the waterfront in the Sheepshead Bay section of Brooklyn for $12 million.

The partnership sold the structure between East 27th and East 28th Streets on Sept. 20 to an LLC called 2701 Emmons Avenue Project, which is operated by Elliot Meisenberg, city records published today indicate. The one-story office building is home to a Personal-Touch Home Health Services medical center.

Saturday, September 24, 2016

16.8-acre site in Coney Island at 2731 West 12th Street - "The site is big enough…for a ball club or soccer club.”

 Commercial Observer excerpt -

Perhaps most intriguing is a 16.8-acre site in Coney Island at 2731 West 12th Street, which is jammed between the Belt Parkway and the Coney Island Creek. Palmese and a C&W team are selling the property for energy company National Grid. The site has 1.47 million buildable square feet. While Coney Island has started to see some more entertainment-related projects and larger multifamily buildings, many investors are holding onto their properties with plans for massive development, as CO previously reported. 

This site could yield a mega-development in the future, Palmese envisioned. “It was a plant for them,” he said. “It was demolished and cleaned up. The site is big enough…for a ball club or soccer club.”

Sunday, September 18, 2016

Sunday Times Real Estate - Second article in a month for Sheepshead Bay

Excerpt - Real Estate | The High End 

Transformation on Brooklyn’s Southern Shore

  When Hurricane Sandy lashed the New York coastline and drowned neighborhoods like Sheepshead Bay, Brooklyn, there was some chatter about retreating from the waterfront.

But four years later, volatile weather and the ever-present threat of another storm surge has not deterred developers in this former fishing village, where a 28-story condominium is rising on a street once deluged by floodwater. A few blocks away, on a restaurant-lined avenue facing the waterfront, a seven-story commercial and residential development, with a rooftop deck and pool, is also under construction.

The projects are hallmarks of a building boom in Sheepshead Bay, an oft-overlooked neighborhood on Brooklyn’s southern shore. Now home to many émigrés from the former Soviet Union, as well as growing Turkish and Chinese populations, the neighborhood offers numerous dining options and convenient beach access, at prices below those of Brooklyn’s brownstone and hipster belt.
“You’re seeing a really dramatic transformation,” said Krishna Rao, an economist for the listing website

Home prices are edging up. The median asking price for apartments in the neighborhood rose to $320,000 for the year to date through Aug. 10 from $299,000 during the same period a year ago, according StreetEasy. Median asking rents rose to $1,797 a month from $1,600.

Friday, September 16, 2016

Your Cosmos Country Needs You – No Sleep ‘Til Brooklyn

This is Cosmos Country excerpt -

With rumors of the club’s move to Brooklyn at a fever pitch in recent weeks, we can skip right to the fun part. Let’s suppose the final hurdles are cleared, and immediately following our final Fall Season game on October 29, the club calls a press conference to let the world (or at least, you know, the soccer world) know that the Cosmos will have a new address in the spring, and it WILL be MCU Park.

That gives the ‘Mos about five months to build awareness and ensure the move was a good idea. Ultimately, the  decision to move from Hofstra will almost certainly be made without much say-so from the marketing department, through a number of factors beyond their control. But it will be on them to make it awesome.

Hello Brooklyn, How You Doin’?

Surf Vets Place will have both market rate and affordable housing

Also ground floor retail 

NY Yimby excerpt -

The rendering also depicts plans for three more buildings, two of which are high-rise towers. New building applications haven’t been filed for those. The entire complex, which will eventually also contain market-rate apartments, has been dubbed Surf Vets Place.

2002 Surf Avenue

Tuesday, September 13, 2016

New Ocean Ave residential building

NY Yimby excerpt -

An anonymous Bayside-based LLC has filed applications for a six-story, 20-unit residential building at 2499 Ocean Avenue, in Sheepshead Bay. The project will measure 16,267 square feet, which means its residential units should average 813 square feet apiece. Amenities are to include a recreation room, a 10-car garage, bike storage, laundry facilities, and private residential storage space. It’s unclear if the apartments will be rentals or condominiums.

Friday, September 2, 2016

NY Times - High-End Condos for the Merely Affluent

Excerpt -

In Sheepshead Bay, Brooklyn, Rybak Development expects to nudge up the neighborhood average with the VUE, a 58-unit condo at 1809 Emmons Avenue where prices range from $535,000 for a one-bedroom to $1.7 million for a penthouse.

David Fernandez, an agent with the Corcoran Group who has worked with Rybak on several nearby projects that have set neighborhood records, admitted that “people from the neighborhood think that these prices are ridiculous.” But not buyers coming from rentals in Downtown Brooklyn, Carroll Gardens and Park Slope, who have been showing up in increasing numbers.

“People didn’t really know what Sheepshead Bay was, but now we’re seeing a lot of priced-out people discovering that quality of life here really isn’t bad,” Mr. Fernandez said. As of late July, 90 percent of the building was already in contract, although online sales hadn’t started yet; the last two buildings he worked on with the developer sold out in four months.

Fastest selling condo in Brooklyn this year

Real Estate Weekly excerpt -

Number two on the fastest-selling condo list this year was 3041 Ocean Avenue, a condo building located in Sheepshead Bay, near the southern tip of Brooklyn. Developed by the Rybak Company, the nine-story condo building features an indoor parking garage, bike storage, a fitness center, and 24- hour doorman. Of the 40 units in the building, 38 have been sold this year, at an average of $725,888 per unit.

NY Post - Woody Allen’s new movie will film in Coney Island

Excerpt -

Woody Allen’s new movie, starring Kate Winslet and Justin Timberlake, will start filming on Coney Island on Sept. 15, sources exclusively tell Page Six.

While the director famously keeps the details of his upcoming projects secret, we’re told the film, which also stars Juno Temple and James Belushi, will be set on 1950s Coney Island.