16-acre lot in Coney Island rolls onto the market

Undeveloped site may be used for manufacturing, retail

New York /
Dec.December 16, 2020 05:00 PM
Lot in Coney Island on W 12th Street (iStock, Google Maps)

Lot in Coney Island on W 12th Street (iStock, Google Maps)

 

National Grid is looking to sell a 16-acre site with nearly 1.5 million square feet of building potential at the southern tip of Brooklyn, according to Crain’s.

The undeveloped lot at 2731 West 12th Street has M3-1 zoning, making it usable for a manufacturing facility, a power plant or, with special exceptions, a large retail space. It’s in an Opportunity Zone, and also qualifies for a tax abatement under the Industrial and Commercial Abatement Program.

“This is an extraordinary opportunity for investors seeking a truly large-scale development opportunity with flexibility of use in a location that provides easy access to the city’s highways, bridges, airports and mass transit,” JLL broker Stephen Palmese, who is marketing the property, told Crain’s.

Brooklyn Borough Gas Company — which was taken over by Brooklyn Union Gas, which became KeySpan and then National Grid — produced heating gas there from 1908 until 1966. The plant has since been demolished.

Coney Island has seen increased interest from developers in recent years.

A large parcel by the famous amusement park was owned by developer Joe Sitt, who hatched a grand plan to redevelop the area. However, he lost a battle with Mayor Michael Bloomberg, who had a different vision for Coney Island, and sold his land. Some $400 million in public and private investment has been sunk into the area in recent years.

[Crain’s] — Sasha Jones


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