Massey Knakal Retained Exclusively To NNN Lease 16.8-Acre Site In Coney Island
Massey Knakal Realty Services has been retained on an exclusive basis to secure an investor / developer to triple net lease approximately 16.8 acres of vacant land at 2731 West 12th Street. The property is located on the south side of the Belt Parkway and bordered by the Coney Island Creek in the heart of Brooklyn’s Coney Island neighborhood. Ownership is requesting proposals.
The subject property is a vacant approximately 731,001-square foot parcel of land. Owned by a subsidiary of National Grid (NG), it formerly served as the home of the Brooklyn Borough Gas Works, a manufactured gas site, until the late 1950s. Between 2001 and 2012, NG conducted an extensive environmental remediation of contaminated soil beneath the site and the adjacent Coney Island Creek. The property has been remediated and can be redeveloped to maximize its commercial potential.
The site is predominantly in an M3-1 zoning district which supports all manufacturing uses in addition to an array of commercial and retail uses. With a maximum FAR of 2.0 as-of-right, it holds a total of approximately 1,462,002 buildable square feet. The property features excellent visibility from the Belt Parkway, close proximity to a significant number of large residential developments totaling more than 11,000 apartments, and convenient access to virtually anywhere in the five boroughs including Manhattan, the Verrazano Bridge, and JFK International Airport.
This property is being marketed exclusively by Massey Knakal CEO Paul J. Massey, Jr, James P. Nelson, Stephen P. Palmese, Hall Oster, and Alex Svetlakou.
“This offering presents the opportunity to secure one of the largest undeveloped parcels in all of New York City,” said Stephen P. Palmese. “It offers an investor the chance to create a large scale development in New York City’s most populous and fastest growing borough,” added Alex Svetlakou.