Archive for the tag 'commercial real estate'

The site of the proposed development. (Source: CPEX Retail Leasing)

Rendering of the proposed development. (Source: CPEX Retail Leasing)

An enormous commercial development slated for Coney Island Avenue in Midwood is facing opposition for its proposal to cut out 74 required parking spaces, but its backers say it’s moving forward regardless.

The construction site at 1504 Coney Island Avenue, at Avenue L, is to be the largest retail development in the neighborhood, according to boasts from its leasing team. Councilman David Greenfield is calling it a “mega development,” saying it will feature more than 160,000 square feet of space. Zoning requirements call for a minimum of 346 parking spaces, but the owner has requested permission from the city’s Board of Standards and Appeals to scale that back to 272 spaces.

The site of the proposed development. (Source: CPEX Retail Leasing)

The site of the proposed development. (Source: CPEX Retail Leasing)

That’s unacceptable, according to the pol. The intersection is already home to one of the neighborhood’s most popular markets, Pomegranate, and adding more development without sufficient parking would bring that stretch of Coney Island Avenue to a standstill.

“I frequently drive by Avenue L and Coney Island Avenue and am stuck among double and triple-parked cars. It’s really ridiculous that anyone would suggest that the lack of parking is not a problem in this neighborhood. That is why I am fighting to make sure the community gets the required amount of parking for this new mega development,” Greenfield said in a press release.

The project’s developer expects the site to be a shopping destination, with a 50,000-square-foot department store as its anchor, with 25,000 square feet of additional retail and 3,400 square feet of office space. A 56,000-square-foot section of the building will be set aside for ambulatory medical care, and another 28,000 square feet will serve as community space and home for a non-profit, the developer’s representative, attorney Howard Goldman, explained during a meeting last week of the BSA. (The BSA is empowered to grant waivers to zoning regulations if the situation meets certain conditions.)

The parking would be underground, served by an entrance on Coney Island Avenue, and the building will use a robotic system to store and retrieve vehicles. According to Goldman, the system won’t requiring any on-street queuing which would otherwise lead to congestion.

Greenfield, who is also chair of the City Council’s powerful Land Use Committee, and Community Board 12 District Manager Barry Spitzer, who is also Greenfield’s deputy chief of staff, testified against the developer’s application, saying that the parking just isn’t sufficient in the neighborhood. Greenfield spokesperson Jane Carey, who testified on behalf of the councilman, and Spitzer both focused on double parking and truck traffic caused by Pomegranate, which only has 40 parking spaces. Though that may be Pomegranate’s fault, the BSA should enforce the parking minimum at the new, unrelated development to prevent the problem from getting worse.

Their plea appears to be in vain. Goldman said they’re going forward with the stated amount of parking whether or not the Board approves it – they’ll just reduce the medical office’s square footage, which requires more parking than other uses.

“If the request is not granted by the Board, it doesn’t mean the project won’t be built. What it means is that instead of the medical office, we will have the non-profit office space,” he said before the BSA. “So, matter of fact, it’ll be the same amount of spaces but a different mix of uses.”

Goldman added that, for all the bellyaching about parking, the new project will help ease the burden created by Pomegranate.

“This is a congested intersection. And the reason it’s congested is because there’s a very popular supermarket across the street called Pomegranate,” Goldman said, noting that their analysis showed congestion was worst on Thursday evenings and Friday afternoons. Pomegrenate’s parking “is really insufficient. Our garage’s excess capacity can handle some of that excess overflow from Pomegranate and the net result will be a benefit to the neighborhood, not a detriment to the neighborhood.”

The developer submitted a letter of support for the project from Pomegranate’s owners. The BSA has another hearing on the development scheduled for September 9.

Source: Alexander Rabb/Flickr

The owner of the landmarked Shore Theater has been declining all proposals to rehabilitate and reactivate the building, including one by a Manhattan restaurateur to turn it into a sprawling restaurant and culinary school.

The 1301 Surf Avenue building was inherited by Jasmine Bullard following the 2013 death of her father, Horace, a Coney Island visionary who long fought to revitalize the neighborhood during its darkest days. Although the building was on the market at the time of his death, Bullard has declined to hear out would-be buyers, Brooklyn Eagle reports.

“I have clients who are ready, willing and able to write a check for the Shore today,” broker Joe Vitacco told Eye on Real Estate.

He has tried to submit purchase offers to her, but in vain: “She won’t even look at them.”

Vitacco said he has four “solid” suitors for the Shore Theater:

* A “very well known restaurateur” from Manhattan who wants to build a cooking school downstairs and a restaurant on the top two floors.

“The view from the seventh floor is magnificent,” he said, and there’s a Juliet balcony where diners would be able to watch the Brooklyn Cyclones playing baseball at MCU Park.

* A “nationally known athlete” who would turn the Shore back into a movie theater — and no, it’s not Magic Johnson (who isn’t actively involved in Magic Johnson Theatres’ operations these days, anyway).

* A billionaire with a home in Brooklyn who “thinks it’s a beautiful building and should be restored,” Vitacco said.

This interested party made an offer when Horace Bullard was alive, but it wasn’t high enough. Now, “he’s willing to come to the table with more money,” the broker said.

* A real estate developer who is involved in Coney Island.

Vitacco marketed Horace Bullard’s properties for about a decade. When the Shore was Vitacco’s listing, the asking price was $12 million.

It is estimated that it will take approximately $35 million to renovate the 115,000-square-foot, seven-story structure.

The approximately footprint of the combined properties now owned by Muss Development. (Source: Google Maps)

The approximately footprint of the combined properties now owned by Muss Development. (Source: Google Maps)

Muss Development, the developer that built and manages Brighton Beach’s Oceana Condominium complex, has snapped up a sprawling 87,500-square-foot development site on Sheepshead Bay Road that was previously slated to become a mall – and they’ve announced plans to make it fully residential.

The deal was done in two parts, with Muss teaming up with AvalonBay Communities to purchase 1501 Voorhies Avenue, currently the vacant lot adjacent to the subway station that was once occupied by Verizon, at $16.2 million. In a separate deal, Muss acquired for $4 million the attached property at 1600 Sheepshead Bay Road at East 16th Street, where Citibank and several vacant storefronts are currently located.

These are properties with a back story.

The sites were sold by Acadia Realty Trust, which purchased them for $20.3 million in 2008. Acadia, in partnership with PA Associates had planned a two-building complex dubbed Station Plaza that included a 22-story mixed-use tower. There was to be mall with four floors of shopping, a new public street that cut through the property at East 16th Street, and more than 650 parking spaces – anchored by 16 floors of residential condominiums.

A rendering of the four-story mall previously planned for this location. A 16-story tower would have been perched atop this.

A rendering of the four-story mall previously planned for this location. A 16-story tower would have been perched atop this.

That was the plan, until the economy tanked and PA Associates were tied up with former State Senator Carl Kruger in a corruption scandal. Even before all that, we noted that the ambitious plan was a long way from becoming a reality.

Muss Development is looking to ditch the mall idea altogether, and make the larger property, the Verizon lot, fully residential. It will be split between condominiums and rental units, according to Commercial Observer, and can be built up to 250,000 square feet. It’s not yet clear how tall that would be, but the previously planned 22-story tower was one of the few that could be built in the area without seeking approval from the community due to the immense size of the lot. So while the new owners will not be able to build quite as tall, they can still make a good reach for the sky.

It’s unclear what the plans are for the Sheepshead Bay Road site, which currently has 4,000 square feet of retail and 9,000 square feet of commercial space.

Source: Google Maps

Source: Google Maps

Ocean Medical Plaza at 2700 Ocean Avenue, a medical office with 35 examination rooms, is now on the market for $5.75 million.

The 12,500 square foot building wedged between residential apartments between Avenue W and Gravesend Neck Road is being marketing by Massey Knakal Realty Service, according to a press release from the broker, and it appears the business is up for grabs as well.

The two-story building, with fully-finished basement, contains approximately 12,500 square feet and sits on a 40’ x 125’ lot.  It consists of 35 large examination rooms making this an excellent opportunity for a medical practice looking to expand. The owners are willing to sell the business as well, a highly respected medical practice that has been servicing the community for 18 years.

It doesn’t appear as if the business is included in the asking price.

According to Property Shark, the building stands on a 5,000 square foot lot. A developer can build an additional 8,000 square feet.

Originally built in 1995, the business is currently operated by Drs. Lazar and Elina Kaganovsky. Before that year, it was a two-story, one-family home.

Oceana complex (Source: Google Maps)

The final building in the Oceana condominium complex is nearly complete, and now owner Muss Development has announced plans to fill the first two floors with commercial tenants – the first businesses to appear within any of the complex’s 16 buildings.

The latest building, 50 Oceana Drive East, has been topped off, and Muss tells Commercial Observer that they’re looking to 8,420 square feet of retail on the ground floor, and 15,490 square feet of medical or office space on the second floor.

They tout the building’s flood-prepped amenities:

The commercial space is unique for South Brooklyn, Mr. Muss said, because it is new with 16-foot ceilings, comes with all of the modern bells and whistles and was LEED-designed by SLCE Architects. The entire building was built to post-Superstorm Sandy standards. That means the electrical switch gear was moved from the basement to an elevated platform well above the flood plane level and the elevator controls were moved from the basement to the roof.

Considering Oceana is a gated community, it makes me wonder whether a business owner would want to be behind the gates. Or if residents want random people coming through the gates. What do you think?

UPDATE (12:40 p.m.): As pointed out by commenter New World below, there will not be access to the residential portion:

Retail space would only be accessible from Coney Island, and would not have exit to the Oceana territory. One will need the Oceana a Resident key in order to enter the building from inside the Oceana, that’s the deal spelled out in the Muss/HOA of Oceana contract.

And a guest points out:

the elevators would be closed off so that no one can access the residential portion of the building from the retail space

beefsteak

Well, there goes my dream of reopening the long-shuttered Beefsteak Charlie’s, sitting back, and wasting away the rest of my life with an endless supply of cocktail shrimp.

After two attempts to get medical facilities off the ground, 3121 Ocean Avenue, the former home of Beefsteak Charlie’s, was purchased by Chestnut Realty for $5.1 million on April 24.

And just in case you thought maybe they’d like to realize my dream for me, well, nuh-uh. They’re looking to bring in a national chain or a bank. If that doesn’t work, office space it is.

“The current owner is considering developing the site for an office building or to lease to a national anchor tenant. We are currently in negotiation with a financial institution as well as a few other chain tenants, so we will see what will come of it,” said Arsen Atbashyan, CEO of Commercial Acquisitions. Commercial’s Denis Abayev served as listing agent on the deal.

There’s quite a bit they can do with the property. It’s a 21,113 square foot lot, and the building currently there takes up 9,500 square feet. Located in a C1-2/R4 zoning district, they could double the current building’s size and pack it with both commercial and residential units.

Regardless of what happens, it’s likely to be better than the unkempt, derelict lot it’s been since Maimonides Medical Center struggled to get a medical center off the ground in this spot. That followed an attempt to do the same by Coney Island Hospital, which was forced to retreat due to budget cuts.

And, of course, before both those attempts… the Beefsteak, which closed in the late-90s:

anatolian

Sheepshead Bay Road-staple Anatolian Gyro has moved off the main thoroughfare to a brand new storefront around the corner, and is now serving its yummy Turkish treats at the new location.

We announced the move was forthcoming back in October, with a planned opening date in January. As usual, permit holdups and inspector delays pushed that date back. But the new location opened its doors in the last weekend of April.

Now at 2623 East 16th Street, the new storefront is slightly larger. A peek inside revealed an industrial looking design with a Mediterranean touch. It looks comfortable and modern, and a definite upgrade from their old digs.

As we reported in October, the move comes as the landlord, Waldorf Realty, prepares to renovate the strip of storefronts that included Enterprize Gifts, Zeetron and Eye Appeal. Enterprize moved across the street in March, while Eye Appeal moved near the subway station in August 2013. Zeetron never reopened after Superstorm Sandy.

Waldorf recently started prepping another Sheepshead Bay Road property at Voorhies Avenue, containing six ground-floor businesses, for a face-lift. They’re also nearing completion on a renovation of another batch of storefronts on the corner of Avenue Z and East 16th Street.

Source: Murdock Solon

Source: Murdock Solon

A real estate management company linked to the owner of one of the city’s leading necktie manufacturers and wholesalers has taken over a swath of Kings Highway real estate, with plans to redevelop the property into a five-story retail and office development.

Several stores on the northern side of the corridor, from East 16th Street to East 17th Street, have shuttered in recent months, including the area’s McDonald’s restaurant. The building appears to still be owned by Kingsway Realty, according to city records, which has had its name inscribed on the facade since taking over the property in 1973.

1601-1607 Kings Highway, where several stores have shuttered in recent months to make way for redevelopment.

1601-1607 Kings Highway, where several stores have shuttered in recent months to make way for redevelopment. (Photo by Ned Berke)

Now plans are being considered by the Department of Buildings to tear down the two-story structure occupying the 17,880-square-foot lot, originally built in 1930, and replace it with a brand new facility, anchored by two floors of retail shopping and three floors of office space.

The building is being designed by the architectural firm of Murdock Solon. Renderings on their website show an ultra-modern design, featuring large bulked-out windows, a patterned facade and setbacks with rooftop gardens to be viewed by the office workers on the upper levels.

With escalators drawn into the middle of the retail space, it appears the developer may be aiming to attract a large retail tenant to occupy the bulk of the space.

There is parking for 25 vehicles and five bicycles in the basement level of the property, according to documents submitted to the DOB. The new building will stand 79 feet tall, and have 67,355 square-feet of space.

Although Kingsway appears to still be the owner of the property according to ACRIS, the online database of the City Register, the plans were submitted to the DOB on behalf of Lake Realty Inc., naming Walter Schik as the officer.

Schik is an Austrian-Jewish immigrant who fled Nazi persecution. Resettled in New York, he founded Bentley Cravats in 1947, which manufactures neckties, bow ties and other neckware.

Lake Realty Management LLC, which appears to be the official name of the company as registered with the state, manages a handful of properties in Brooklyn and Manhattan, including a nearby apartment building at 1233 East 19th Street.

Calls to Schik’s office were not returned.

The plans for the new five-story building were rejected in March, with the Department of Buildings stating that the drawings were incomplete. Calls to Murdock Solon for a status update were not returned.

Photos via Murdock Solon.

1616sheepshead

The Enterprize Gift & Jewelry store has moved from its 1601 Sheepshead Bay Road location across the street to 1616 Sheepshead Bay Road, co-locating with a new salon named Deniz Hair Salon. That storefront was previously occupied by J’Adore Paris, which closed in December.

It’s the latest business to move out of the strip from the northern side of Sheepshead Bay Road between East 16th Street and Jerome Avenue, leaving Anatolian Gyro as the last remaining tenant of the building. As we’ve previously reported, Anatolian Gyro will soon move to 2623 East 16th Street, just around the corner.

The exodus is due to the landlord’s plans to renovate the strip. The landlord, Waldorf Realty, is also renovating two other stretches on and near Sheepshead Bay Road, leaving many vacant storefronts as it prepares for construction.

The other stores in this building were Eye Appeal, which already moved to 1508 Sheepshead Bay Road, and Zeetron, an electronics repair shop that never reopened after Superstorm Sandy.

Waldorf recently started prepping another Sheepshead Bay Road property at Voorhies Avenue last fall, containing six ground-floor businesses, for a face-lift. They’re also nearing completion on a renovation of another batch of storefronts on the corner of Avenue Z and East 16th Street.

enterprize

Chase Bank at 1500 Coney Island Ave (Source: Google Maps)

Chase Bank at 2500 Coney Island Ave (Source: Google Maps)

A 7,200-square-foot retail property, currently home to a Chase Bank and cellphone repair store, has sold to new owners for $5.425 million.

The property sits at 2500 Coney Island Avenue, on the corner of Avenue V. It’s a two-story building with a 12,000 square foot parking lot.

The owners could choose to redevelop the site, building taller while staying within zoning laws, but the Observer, which reported on the deal, notes that it is “unlikely.”

The new owner is Francman Realty LLC, a New Jersey-based company.

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