iStar files plans for part of Coney Island boardwalk project

Nine-story supportive housing building part of firm's expansive redevelopment

New York /
Apr.April 15, 2016 01:10 PM

Real estate lending and development firm iStar filed plans Friday for a new nine-story supportive housing project rising next to the Coney Island boardwalk – part of larger ambitions the firm has in store for the historic beachfront site.

The 135-unit development will span nearly 107,000 square feet at 2002 Surf Avenue and include nearly 8,000 square feet of commercial space, according to permit applications filed with the city’s Department of Buildings.

iStar leased the property from the city’s Economic Development Corporation last year, according to records, and the residential development will rise next to a new 5,000-seat amphitheater and waterfront restaurant that iStar is currently constructing at the landmarked Childs Restaurant site in Coney Island.

In addition to two ground-floor commercial units, the housing development will hold 18 apartments and an outdoor courtyard on the second floor. There will be 19 units on each of the third through sixth floors and 16 apartments on the seventh and eighth floors.

The ninth floor will hold nine apartments, plus a lounge and outdoor terrace, while there will be an outdoor roof deck perched atop of the building.

The development will hold “a philanthropic or nonprofit institution,” according to the filing, and is part of much larger plans by iStar to build 1 million square feet of housing near the Coney Island boardwalk, according to the company’s website.

iStar did not return requests for comment. Stephen B. Jacobs Group, the project’s architect of record, declined to comment.

iStar recently provided Allen Gross’ GFI Capital Resources with a $50 million construction loan for a new “lifestyle hotel” that GFI is developing in Downtown Brooklyn.


Related Articles

arrow_forward_ios
iStar's Jay Sugerman and 32 Old Slip (Getty, RXR Realty)
iStar buys into ground under 32 Old Slip for $91M
iStar buys into ground under 32 Old Slip for $91M
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
Jay Sugarman (Credit: portfolio breakdown map courtesy of Safehold Inc.)
Safehold’s deal pipeline shrinks while incomes hold steady
Safehold’s deal pipeline shrinks while incomes hold steady
Jay Sugarman
Behind Safehold’s paydirt plan
Behind Safehold’s paydirt plan
Safehold’s Jay Sugarman and 685 Third Avenue (Credit: iStar and Google Maps)
Safehold finances 685 Third ground with $135M from John Hancock
Safehold finances 685 Third ground with $135M from John Hancock
arrow_forward_ios

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

Loading...