Massey Knakal Sells Development Site In Coney Island
Two lots at 2743-51 West 15th Street, located between Neptune Avenue and Hart Placein Brooklyn’s Coney Island neighborhood, was sold in a transaction valued at $726,000.
This site contains two lots, each approximately 4,756 square feet. There are two small houses on the site. No leases exist for the property. The Coney Island Mixed-Use Special District may allow for industrial, commercial, or residential development. This large parcel contains approximately 19,000 commercial buildable square feet.
The Coney Island Rezoning Plan was approved in 2009 and has ushered in sweeping improvements to the nearby area. Major thoroughfares in the area include Surf Avenue, Cropsey Avenue, and the Belt Parkway. Public transportation is easily accessible with several bus lines and the Stillwell Avenue D, F, N, and Q subway station nearby.
“The majority of the interest during the marketing came from developers and users,” said Massey Knakal Director of Sales Brian R. Hanson, who exclusively handled this transaction. “However the buyer ended up being a local investor who was able to accept the existing occupants in exchange for 80% seller financing,” he added.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.