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


Related Articles

arrow_forward_ios
Nearly half of new shops in 2021 will be dollar stores. (Getty)
2021 is raining dollar stores
2021 is raining dollar stores
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
(RIPCO, iStock)
Target, Five Below, Smashburger open in new Brooklyn shopping center
Target, Five Below, Smashburger open in new Brooklyn shopping center
Close to 80 hotels with more than 13,000 rooms plan to open in 2021. (iStock)
Big year seen for hotel openings, despite few visitors
Big year seen for hotel openings, despite few visitors
Savanna’s Christopher Schlank and Nicholas Bienstock with a rendering of 141 Willoughby Street (Savanna; SLCE Architects; Fogarty Finger Architects)
Savanna nabs $264M loan for Downtown Brooklyn office project
Savanna nabs $264M loan for Downtown Brooklyn office project
Blackstone president Jon Gray and the Blackstone headquarters at 345 Park Avenue in NYC (Getty, Google Maps)
Blackstone sets office return for some vaccinated staffers
Blackstone sets office return for some vaccinated staffers
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Watch TRD Brand Studio’s first-ever webinar on the new office normal
Optimizing the office: TRD Brand Studio webinar on the new workplace normal
Optimizing the office: TRD Brand Studio webinar on the new workplace normal
arrow_forward_ios

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

Loading...