NEW YORK CITY – Owners of the Gargiulo's Restaurant in Coney Island, Brooklyn have implemented a 99-year ground lease on their property at 1517 Surf Ave., a near full-block of development land just blocks away from the Coney Island beach waterfront. Jones Lang LaSalle arranged the transaction.
"This represents the largest and most subway-proximate residential development site remaining along the rapidly transforming Surf Avenue," JLL's Senior Director Steven Rutman said in a prepared statement. "Rezoned in the past decade, Coney Island is transitioning from a seasonal tourist destination to a year-round residential waterfront enclave. The unique zoning structure of Coney Island will ensure views of the Atlantic Ocean are protected in perpetuity."
The development land is currently leased to LCOR, Inc., a major national developer in the market, and serves as an ancillary parking lot for the restaurant. It is zoned R7A and R7X and lies within the Coney Island Special District, allowing for up to approximately 325,000 total zonable square feet. Permitted uses include residential, commercial and ground-floor retail.
Directly across the street from the development is the Coney Island amusement park and nearby is the Coney Island-Stillwell Avenue subway station, providing access to Manhattan in an estimated 40 minutes.
The Gargiulo family founded Gargiulo's Restaurant in 1907, which is located at 2911 West 15th St. In April 1965, the Russo brothers embraced Coney Island as their new home and acquired the restaurant from the Gargiulo family. The restaurant is an anchor within the Coney Island community.
"Our family has witnessed the resurgence of Coney Island during the past few years," said Michael Russo. "This was a great opportunity to help expedite the transformation."
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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.
