The Real Deal New York

UK’s National Grid looks to lease 17-acre Coney Island site

Deal would come with right to construct a 1.5 million-square-foot structure

October 27, 2014 03:20PM

palmese

Bloomberg-era rendering of Coney Island marsh project and Stephen Palmese

British gas and electric company National Grid is seeking a long-term tenant for a Coney Island development site spanning almost 17 acres.

The site, surrounded by the Shore Parkway and the Coney Island Creek, was formerly home to the Brooklyn Borough Gas Works.

A lease deal would come with the right to construct a 1.5 million-square-foot structure. The land is zoned for manufacturing use. Stephen Palmese of Massey Knakal Realty Services is marketing the site.

“There are some nuances to the transaction, but based upon its location and the density over there, I think this screams large-scale retail,” Palmese told Crain’s.

The Brooklyn Borough Gas Company ran a heat production facility from early 1900s until 1966, when the building was razed. Between 1995 and 1997, the New York State Department of Environmental Conservation investigated the site and mandated remedial measures. The cleanup effort was completed in 2009, as previously reported. 

There have been proposals to convert the site into a storage garage or a marshland. [Crain’s]Mark Maurer

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