Legendary Hampton Bays bar up for sale
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.
Read more
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
