buildingThe Coney Island story is getting beaten to death. Seems like everyday there’s another article touting the area’s renaissance and bright future as a reborn entertainment destination and development hot spot. So we’ll just pull out the real estate facts in today’s NY Post story and be done with it: The Dynamic Group is planning to break groundnext Spring on a 250-unit condominium called Ocean Dreams. Consisting of three six-story glass buildings, prices for the luxury pads are expected to start at around $700 a foot. By comparison, at Brightwater Towers, which was built in 1964 as a Mitchell-Lama affordable-housing building and condo’d in 1991, one-bedrooms go for between $375,000 and $450,000 while two-bedrooms are priced at $450,000 to $500,000 and three-bedrooms cost $575,000 to $675,000. Meanwhile, in neighboring Sea Gate, a gated community of 840 houses, prices quadrupled between 1995 and 2005; mid-sized two- and three-family houses now fetch between $700,000 and $800,000.
Coney Island High [NY Post]


What's Your Take? Leave a Comment

  1. I laugh and laugh and laugh at the fools who would buy places there at $700 a foot. You have to actually tour the area to realize just how bad things really are, how disgusting and filthy the beach really is, etc., etc., etc.

    But as always, there will be those who rush for the pre-sales at $700 a foot to flip it for $1300 a foot before the building is complete. Every day an idiot is born….

  2. What about the post-Katrina analysis of urban flood plains which claims south Brooklyn (i.e., Coney Island, Sea Gate, Brighton Beach, etc.) is already suffering from shore erosion and is prone to a complete wipe out if a hurricane of the right proportion ever reaches here? Predictions are high that such an event will surely occur within the next 50 years. Do others think these predictions to be overly dramatic? Obviously the developers and Macmansion builders who are investing big bucks in this area don’t think so!

  3. What I loved best about CI was that it was so desolate during the winter months. I loved photographing the run down, forgotten amusements and the boardwalk. They had some great flea markets there too…all gone. The free concerts were always top rate and the mermaid parade, polar bears and side shows are a blast! I hate when things get discovered!