Brooklyn Biggie on The Block: 200,000+ SF Development Site

NEW YORK – Ben Weiss and Kelly Lin of Besen & Associates have been awarded the exclusive assignment to sell 2957 Shell Road, a 71,139-square foot parcel of land in Brooklyn, N.Y. The property is located in the Coney Island neighborhood and is ready for development. This development site sits on a 288.17 foot by 284.57 foot blockfront that has frontage on three different streets: Shell Road, Neptune Avenue, and West 6th Street. The property is offered for sale for $17,500,000.

This property is located in the Ocean Parkway Special District and is zoned for residential, community facility, and commercial use. As-of-right residential buildable square feet is approximately 173,000 and can be increased to 213,417 square feet under the Quality Housing Program. The property also has a 4.8 floor-area ratio for Community Facility which allows for 341,467 total buildable square feet. For commercial use, the property has a floor-area ratio of 2.0.

There have been several successful condominium developments in proximity of 2957 Shell Road, including 3111 Ocean Parkway, 2805 Ocean Parkway, and 7620 Bay Parkway. Sellout prices for units at these buildings have achieved prices as high as from $670,000 to $960,000. “This is rare opportunity to acquire a sizable site in a burgeoning neighborhood of Brooklyn with excellent access to transportation and the waterfront,” states Ben Weiss, Managing Director at Besen & Associates. “The zoning and scale offer potential to add a significant residential development; the as-of-right zoning also allows for a sizeable community facility development that has the potential to impact this area for years to come.”

The development of the Brooklyn Cyclones’ KeySpan Park, restoration of the Stillwell Avenue Terminal, and significant housing projects within the neighborhood have established a basis for further development in Coney Island. In 2003, New York City established the Coney Island Development Corporation to organize and support development and economic strategies for residential and commercial use.

The revitalization of Coney Island has been one of Bloomberg’s top development priorities and has already led to the opening of the new Luna Park, Scream Zone and other amusements over the last two summers, which have seen visitors flock back to the so-called “people’s playground.”  The city’s Coney revitalization plan is also expected to bring 4,500 new apartments to the beachfront, and opens the door for future hotels and new retail space.

Brooklyn Borough President Marty Markowitz says Coney Island and its fabled boardwalk are the perfect place to build casinos if Gov. Cuomo follows through with plans to legalize table gambling in New York. “If . . . serious discussions begin on bringing a casino to New York City, certainly Coney Island is a natural location and should be part of the mix when considering possible sites,” Markowitz said recently. Markowitz concedes “a lot has to happen” before the likes of Caesars, Bally’s or Trump could expand their Boardwalk Empires north from Atlantic City.

2957 Shell Road benefits from the proximity to Coney Island, with its amusement parks, entertainment & tourist attractions, and the rich history and sense of community. The size of the lot also provides a unique opportunity to capitalize on the city’s plan to revitalize and develop this Brooklyn neighborhood. The location of the property also provides easy and accessible transportation with eight nearby subway stations. Shopping nearby includes retailers McDonald’s, Walgreens, Radio Shack, Key Food, Apple Bank, Capital One Bank, and CVS Pharmacy.