Coney Island is on the verge of becoming Brooklyn’s new real estate hot spot

New Developments are underway

Coney Island, Brooklyn, NY

(NEW YORK, NY) — The rise of new developments may make Coney Island one of Brooklyn’s most sought-after neighborhoods.

The renewal of Coney Island is here. Some developers believe the neighborhood will not only attract millennials but baby boomers as well.

What projects are on the horizon?

Starrett Development recently landed around $77.1 million for the construction of a 200-unit rental property in Coney Island, according to The Real Deal. The 16,000-square-foot project at the corner of Neptune Avenue and West 33rd Street will stand 14 stories tall.

The Ocean Dreams project is a 21-story, 425-unit luxury apartment complex that will come complete with a valet center, business center, pool, fitness center, children’s playroom, two rooftop terraces, two tenant lounges, over 20,000 square feet of commercial space, over 320,000 square feet of residential space. Located on Surf Avenue, the Times predicts that a two-bedroom unit will cost between $4,000-5,000.

Cammeby’s International Group is behind the development of a mixed-used 40-story tower at 532 Neptune. The building will include 544 apartments,90,000 square feet of retail, and over 15,000 square feet of community facilities.

PYE Properties plans to turn Coney Island’s historic Shore Theater into a boutique hotel, according to NY1. The building will include a rooftop restaurant and lounge, a ground floor cafe, retail shops. The hotel, which is the neighborhoods first new hotel in 50 years, is anticipated to open in 2021.

The Shore theater

There is still a long way to go

Coney Island’s 45-minute commute to Manhattan may be a deal breaker for potential residents. The neighborhood will also need a lot more restaurants and retail establishments to become a leading force in Brooklyn.

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