The Real Deal New York

Investment fund buys Coney Island building for $23M

Purchase of 2857 West 8th Street was financed by $14.3M from Citigroup
By Eddie Small | March 30, 2018 11:30AM

2857 West 8th Street (Credit: Google Maps)

Real Estate Discovery Ventures, an investment fund, has purchased a retail building in Coney Island for $23 million.

The company bought 2857 West 8th Street from an LLC called 2857 West 8th Street Associates, according to sources familiar with the deal. The signatory on the LLC is listed as Steven Samuels.

The building is 100 percent occupied, with retail tenants including New York City Human Resources, Blink Fitness, NYU Langone, Verizon Wireless and Dollar Tree. REDV, which financed the deal with $14.3 million from Citigroup, plans to keep the building as is.

Gideon Group’s Glenn Teyf represented the buyer, while Meridian Capital Group’s David Schechtman and Richard Velotta represented the seller. Reznick Law advised REDV on the deal.

Moscow native Dmitry Volkov runs Real Estate Discovery Ventures, which claims on its website to own $95 million worth of properties across the U.S, including an office condo at 55 East 59th Street.

Coney Island Hospital recently filed plans for a massive new building at 2619 Ocean Parkway,and John Catsimatidis’ Red Apple Group is planning a 425-unit mixed-use project in the neighborhood called Ocean Dreams that will feature a trolley car taking tenants to the subway.