Massey Knakal Sells Development Site in Coney Island
A development site at 2871-2873 West 17th Street, located between Mermaid and Neptune Avenues in Coney Island, Brooklyn, was sold in an all-cash transaction valued at $620,000.
The site consists of two mixed-use buildings on a 40’ x 119’ lot. The existing structures total approximately 4,500 square feet and together contain four apartments and two retail stores. There is approximately 11,543 buildable square feet available. The site benefits from a curb cut and driveway, and easy access to the Coney Island subway station. The sale price equates to approximately $54 per buildable square foot.
“This transaction is one of several development sites that have sold in the past 12 months in Coney Island outside the amusement area. The interest in local development in this secondary market bodes well for the health of real estate investments in the area,” said Massey Knakal Director of Sales Brian Hanson who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.