When major development projects come to a neighborhood, property owners naturally wonder how it might affect their investment. This week, Brooklyn, NY Coney Island residents got clarity on a question that's been circulating for months: the proposed $3 billion casino complex won't be moving forward.
The Community Advisory Committee voted 4-2 against "The Coney" casino plan, which would have stretched along Surf Avenue from West 12th to West 15th streets. It needed a two-thirds majority to advance to the state's Gaming Facility Location Board, but only representatives for Governor Hochul and Mayor Adams supported it.
Understanding the Local Sentiment
Brooklyn Borough President Antonio Reynoso acknowledged that while the development team put together a strong application, it simply didn't have enough community support. Councilmember Justin Brannan was more direct, stating that "there are things we need in Coney Island, but a casino isn't one of them."
The trust issue? Thor Equities, the company behind the proposal, has left development lots vacant for 15 years despite making various promises. For property owners in the area, that pattern hasn't inspired confidence. Brannan also noted that Coney Island is "a small, crowded residential area"—not the typical profile for casino locations like near Citi Field or Aqueduct Racetrack.
What This Means for Property Owners
With the casino off the table, the status quo continues. For sellers, you're marketing a property in a neighborhood that maintains its unique identity as "The People's Playground"—that old-school charm that draws families looking for an authentic Brooklyn experience.
The most encouraging aspect? The community engagement. Residents showed up and made their priorities clear. That level of involvement is an attractive selling point—buyers want engaged neighbors and a clear sense of identity. Coney Island just demonstrated it has both.
As the neighborhood continues to evolve without the casino development, property owners can expect the area to maintain its distinctive character while still benefiting from ongoing interest in Brooklyn's waterfront communities.
At Accord Real Estate Group, we understand that major development decisions affect your property's story. Whether you're curious about how local changes impact your home's value or you're ready to explore your selling options, we're here to help you navigate these conversations with insight and expertise.
With our 35+ years of experience helping property owners maximize their real estate investments through strategic timing and market expertise positions us to guide clients through Brooklyn's evolving landscape. Our personalized approach ensures clients achieve optimal returns while navigating market complexities with confidence.
Should you have any questions or needs regarding any Real Estate matter please call us at 718-375-2065 or 917-804-3198 or email us at info@accreg.com.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
At Accord Real Estate Group, our motto is 'Experience - Integrity - Results' and we're committed to bringing you the very best in Brooklyn real estate services.
Sincerely yours,
Accord Real Estate Group
Your Brooklyn neighborhoods Real Estate Brokers and Agents
