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A blog for breaking sales and neighborhood real estate news.

A development site at 809-873 Neptune Avenue, located on the corner of Neptune Avenue and Shell Road in Brooklyn’s Coney Island neighborhood, was sold in an all-cash transaction valued at $15,000,000.

The site contains approximately 133,407 square feet on a 562’ x 312’ irregular lot.  Its M1-2 zoning allows a wide array of uses, including retail and light industrial. The property benefits from up to approximately 226,814 buildable square feet of commercial or industrial development rights.
There are a significant number of large residential developments within a half mile of the site.  These developments boast more than 11,100 residential units, representing an established neighborhood with built-in demand.  This site is just a few blocks from the New York Aquarium, the Riegelmann Boardwalk, and the Coney Island amusement area.

“National Grid's commitment to Coney Island has had a profound impact on the area's economic and cultural growth.  The sale of their Neptune site will continue in that vein and will provide much needed commercial development and jobs to the neighborhood,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Coney Island/ Agents: Stephen Palmese