A surface parking lot along the Coney Island boardwalk just sold for $20 million, nearly double what it fetched only two years earlier. The 69,530-square-foot property at 2015 Boardwalk West traded hands in a deal brokered by TerraCRG, with developers Nalcorp and Clipper Equity emerging as the buyers of an oceanfront development parcel.
The site's seller, Bath Site LLC, had purchased the property in July 2024 for $10.4 million before flipping it for $20 million, according to TerraCRG. Bath Site LLC is an affiliate of Safehold Inc. TerraCRG represented the seller in the transaction, with the deal brokered by the firm's CEO, Dan Marks, and partner and EVP Daniel Lebor, according to New York Real Estate Journal.
“Coney Island has become one of New York City's most exciting waterfront growth stories,” Marks said, per the same publication. The parcel carries 247 feet of boardwalk frontage and offers views of the Atlantic Ocean, sitting within walking distance of Coney Island Beach, Luna Park, Maimonides Park, Nathan's Famous, the New York Aquarium, and the Coney Island Amphitheater. It also has access to the D, F, N, and Q subway lines, which provide direct connectivity to Brooklyn and Manhattan.
A Parking Lot With Big Air Rights
A Parking Lot With Big Air Rights The property is a development site, according to PincusCo. The sale price works out to $152 per buildable square foot and approximately $288 per square foot of land area, the outlet reports. The lot is zoned R7D/C2-4 – CI, according to the NYC Department of City Planning.
The parcel is listed in tax records as Block 7072, Lot 6, Commercial Observer reports.
Permits Already Point To A 23-Story Tower
Permits already point to a 23-story tower Municipal permit filings from 2024 call for a 23-story, 202-unit building at the site, per Commercial Observer. Those filings fit into a broader multi-lot development plan already underway nearby. On the adjacent parcel at 3027 West 21st Street, the NYC Department of Buildings approved a construction permit in late March for a 23-story tower with 205 residential apartments, spanning 216,772 square feet, the outlet notes.
Buyers Nalcorp and Clipper Equity are no strangers to large-scale Brooklyn residential projects. The pair previously teamed up in 2022 to acquire properties at 2359 and 2360 Bedford Avenue in Flatbush for $90.9 million, where they are now constructing the 877-unit Bedford Square residential complex, according to Patch. Clipper Equity has also been involved in large-scale Brooklyn residential projects.
Boardwalk Development Keeps Accelerating
This sale lands amid a broader wave of residential construction reshaping Coney Island's western edge. Developers Cammeby's and RYBAK Development are advancing projects along Surf Avenue and Neptune Avenue that will add roughly 700 new apartments, as Hoodline previously reported.
City infrastructure investment has moved alongside the private development boom. Coney Island's redevelopment story also includes attention to the wastewater treatment plant and business-improvement efforts near the boardwalk.
Whether Nalcorp and Clipper Equity will move forward with the existing 2024 permit filings for a 23-story building, and what timeline they envision for construction, remains unclear. Investment and redevelopment continue to reshape Brooklyn's southern waterfront, and the transaction adds to that redevelopment activity, according to New York Real Estate Journal.
