Massey Knakal Sells Development Site In Coney Island
A development site at 809-873 Neptune Avenue, located on the corner of Neptune Avenue and Shell Road in Brooklyn’s Coney Island neighborhood, was sold in an all-cash transaction valued at $15,000,000.
The site contains approximately 133,407 square feet on a 562’ x 312’ irregular lot. Its M1-2 zoning allows a wide array of uses, including retail and light industrial. The property benefits from up to approximately 226,814 buildable square feet of commercial or industrial development rights.
There are a significant number of large residential developments within a half mile of the site. These developments boast more than 11,100 residential units, representing an established neighborhood with built-in demand. This site is just a few blocks from the New York Aquarium, the Riegelmann Boardwalk, and the Coney Island amusement area.
“National Grid's commitment to Coney Island has had a profound impact on the area's economic and cultural growth. The sale of their Neptune site will continue in that vein and will provide much needed commercial development and jobs to the neighborhood,” said Massey Knakal’s Stephen P. Palmese, 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 4,500 transactions having a market value in excess of $17 billion.