|

NEW YORK CITY – Owners of the Gargiulo's Restaurant in ConeyIsland, Brooklyn have implemented a 99-year ground lease on theirproperty at 1517 Surf Ave., a near full-block of development landjust blocks away from the Coney Island beachwaterfront. Jones Lang LaSalle arranged thetransaction.

|

"This represents the largest and most subway-proximateresidential development site remaining along the rapidlytransforming Surf Avenue," JLL's Senior Director Steven Rutman saidin a prepared statement. "Rezoned in the past decade, Coney Islandis transitioning from a seasonal tourist destination to ayear-round residential waterfront enclave. The unique zoningstructure of Coney Island will ensure views of the Atlantic Oceanare protected in perpetuity."

|

The development land is currently leased to LCOR, Inc., a majornational developer in the market, and serves as an ancillaryparking lot for the restaurant. It is zoned R7A and R7X and lieswithin the Coney Island Special District, allowing for up toapproximately 325,000 total zonable square feet. Permitted usesinclude residential, commercial and ground-floor retail.

|

Directly across the street from the development is the ConeyIsland amusement park and nearby is the Coney Island-StillwellAvenue subway station, providing access to Manhattan in anestimated 40 minutes.

|

The Gargiulo family founded Gargiulo's Restaurant in 1907, whichis located at 2911 West 15th St.  In April 1965, the Russobrothers embraced Coney Island as their new home and acquired therestaurant from the Gargiulo family. The restaurant is an anchorwithin the Coney Island community.

|

"Our family has witnessed the resurgence of Coney Island duringthe past few years," said Michael Russo. "This was a greatopportunity to help expedite the transformation."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.