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

New York /
Oct.October 27, 2014 03:20 PM

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


Related Articles

arrow_forward_ios
Illustration of Joseph Sitt (Illustration by The Real Deal; Getty; Thor)
Thor launches $3B “underdog” Brooklyn casino bid
Thor launches $3B “underdog” Brooklyn casino bid
iStar's Jay Sugarman and a zoning map for the planned 282-unit building in Coney Island (Getty, iStar, New York City Department of Finance - Office of the City Register)
iStar plans oceanfront development in Coney Island
iStar plans oceanfront development in Coney Island
John Catsimatidis and 3514 Surf Avenue (Google Maps)
Catsimatidis gets $153M refi on Coney Island apartment towers
Catsimatidis gets $153M refi on Coney Island apartment towers
BFC Partners managing principal Donald Capoccia and renderings of 1607 Surf Avenue on Coney Island (BFCNYC)
BFC breaks ground on next phase of Coney Island affordable project
BFC breaks ground on next phase of Coney Island affordable project
The Wonder Wheel in Coney Island (Getty)
Coney Island Wonder Wheel reopens
Coney Island Wonder Wheel reopens
John Catsimatidis (Getty)
John Catsimatidis wants to add three more rental towers in Coney Island
John Catsimatidis wants to add three more rental towers in Coney Island
Lot in Coney Island on W 12th Street (iStock, Google Maps)
16-acre lot in Coney Island rolls onto the market
16-acre lot in Coney Island rolls onto the market
After a lost summer, Coney Island businesses are struggling to imagine how to survive the winter. (Getty)
Lost summer, failed plan haunt Coney Island
Lost summer, failed plan haunt Coney Island
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...