For decades Brooklyn’s world famous Coney Island neighborhood on the water has been neglected and forgotten. Gradually retailers and developers have dipped their toes in the water there. Several new developments are in the works at this time. Is this the start of Coney Island as a year round destination? Maybe yes?
An exciting new covered, outdoor Amphitheatre is expected to open this summer in July. Developer I Star expects 250,000 concert goers to visit the area this summer. There will be seating for 5,000 and Live Nation has the lease and a killer roster that includes Sting, Ziggy Marley and many others. No popcorn served here. Legends catering will serve chef designed small plates. Yum Yum!
In addition to the amphitheater project, Pye Properties bought the iconic landmark Shore Theatre for $20M and is planning to restore the building to it’s former glory.
Another important project planned is a 40 story multifamily tower to be located at 532 Neptune Avenue. The developer is Cammeby’s International Group. The architect is SLCE Architects. There will be 514,000 square feet of residential for condos or rental, (not determined yet) 162,000 square feet of retail on the first three floors and a 16,000 square foot community facility. Construction will be underway soon.
Last but not least, the New York Aquarium on the Boardwalk has undergone a $127M renovation which will have a grand coming out this year.
To be continued!
If you are planning to sell your Brooklyn property, call us. You will be very happy that you did.
Thank you.
Accord Real Estate Group
