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."
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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.
