iStar to Build Residential Tower in Coney Island
Developer plans 282-unit, 23-story apartment building on world-famous boardwalk.
If you want to live in a waterfront apartment tower within walking distance of the world’s most famous hot-dog eating contest, iStar, the real estate investment trust, will soon have a place for you.
The REIT has filed plans to build a 23-story, 282-unit apartment tower next to the Coney Island Amphitheater a block from the beach.
The new multifamily on the boardwalk isn’t iStar’s first venture at Brooklyn’s barrier island beach. iStar build the 5,000-seat amphitheater in 2016 in a partnership with NYC’s Economic Development Corp. and ticketing service LiveNation.
iStar also converted the Child’s Building in Coney Island into a 135-unit housing projects.
The new apartment building will rise at 3027 West 21st Street pm a site across the street from the amphitheater, currently occupied by a parking lot.
The REIT’s Coney Island projects were part of a sale-leaseback transaction with the NYEDC in which the city bought the land for $61M and leased it back to iStar.
In 2009, NYC rezoned 19 blocks in Coney Island as an amusement and entertainment district. Housing development in Coney Island has tripled in the decade since Superstorm Sandy decimated the area in 2012.
In February, The Carlyle Group acquired a net-lease portfolio from iStar in a transaction valued at more than $3B. The portfolio was purchased by Carlyle’s Global Credit platform.
For iStar the portfolio sale was part of a strategy to cut down on its holdings and focus more prominently on ground leases.
Parkview Financial recently provided a $92 million construction loan to complete a 10-story commercial building at 1498-1538 Coney Island Avenue in Midwood, Brooklyn, NY Yimby reported. The building will encompass more than 215K SF of retail, office space and community facilities.
Office and community facility space will total 112K SF, spanning floors two through ten, while the retail space will occupy 51K SF of the first three floors and the basement. Tenants will have access to an automated parking garage.
Parkview’s financing is being used to pay off two existing loans on this project with remaining costs allocated to complete construction. Meridian Capital Group arranged the financing for the loan. To date, more than 30 percent of pre-leasing commitments are already in place, NY Yimby said.