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
2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

John Catsimatidis

John Catsimatidis on why he should be mayor

250th Issue

The Real Deal celebrates 250 issues

arrow_forward_ios
Loading...