The 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]