John Catsimatidis: I’m “taming” Coney Island

Red Apple Group head says he's "itching to build" more in Coney Island

TRD New York /
Oct.October 15, 2018 05:15 PM

John Catsimatidis and a rendering of Ocean Dreams at 3514 Surf Avenue in Brooklyn (Credit: 6sqft and John Catsimatidis)

John Catsimatidis is just getting started in Coney Island.

The billionaire Red Apple Group head is expanding his holdings in the neighborhood, the New York Times reported.

“We tamed Myrtle Avenue,” Catsimatidis told the Times. “Now we’re taming Coney Island.”

Dubbed Ocean Dreams, his rental complex has two 21-story towers that house 425 units at 3514 Surf Avenue. It’s slated to open next summer — and is the Catsimatidis’ fifth project in Brooklyn in less than a decade. He also owns land adjacent to Ocean Dreams, where “he is itching to build,” and another parcel a few blocks east, the report said. In all, Catsimatidis hopes to build five towers along the boardwalk on Surf Avenue.

The shift toward Coney Island follows previous projects in Fort Greene. In 2010, Catsimatidis complete the Andrea, a nine-story building. The 15-story Giovanni was built next to it five years later, and the Margo was finished in 2016. The fourth Fort Greene project, the Eagle, has 440 units and opened this year.

With Ocean Dreams, Catsimatidis told the Times that prices won’t be set until closer to the start of leasing in the spring. A two-bedroom might be priced at $4,000 to $5,000, “depending on the floor,” he said. [NYT] — Meenal Vamburkar


Related Articles

arrow_forward_ios
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
A rendering of the Climate Solutions Center with Trust for Governors Island CEO Clare Newman and Mayor de Blasio (Rendering via WXY architecture + urban design/bloomimages; Governor's Island; Getty)

Going green: Governors Island could soon house climate center

Going green: Governors Island could soon house climate center
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
Greystone Development CEO Thomas Ryan and an image of the project (Courtesy of James Hooker, Greystone)

Greystone eyes $40M-plus for Park Slope luxury apartments

Greystone eyes $40M-plus for Park Slope luxury apartments
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
Ed Adler and Wendy Silverstein (Getty)

Wendy Silverstein, Ed Adler launch loan restructuring biz

Wendy Silverstein, Ed Adler launch loan restructuring biz
Jamie Dimon and 383 Madison Avenue (Getty, Google Maps)

JPMorgan suffers setback in return to office

JPMorgan suffers setback in return to office
arrow_forward_ios

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

Loading...