Assortment of 18 Lots on One Block Asks $40 Million in Kensington

coney-island-portfolio-ditmas-park-102313

A group of 18 properties in Ditmas Park Kensington called the Coney Island Portfolio is for sale for $40,000,000. The lots are located on one block between Coney Island Avenue, Cortelyou Road, East 9th Street and Ditmas Avenue, with most of the lots fronting Coney Island Avenue.

Just six blocks away from the Q train and close to a commercial strip on Cortelyou, “this portfolio presents significant development potential,” said Massey Knakal, which is marketing the parcel.

The properties include mixed-use buildings, multi-family walkups, garages, warehouses, empty lots and parking lots. The size of all the lots put together equals about 78,011 square feet. (The ask is about $513 per square foot.) There are 135,000 buildable square feet for commercial purposes, plus 298,000 buildable square feet for community facilities. The Real Deal was the first to report the offering.

Coney Island Portfolio Listing [Massey Knakal]
Image via Massey Knakal

6 Comment

    • Agreed. It’s on the other side of CIA. Not Ditmas Park. Weird assemblage of properties. What would be the appeal for $40M since there are a bunch of holdouts squeezed between all those lots? I assume anyone who pays $40M or anywhere close for this package is going to have to pay a premium to buy anyone else out.

    • babs

      Totally – the map is turned around. Cortelyou is north of Ditmas, so we’re actually looking at the west side of CIA.

  • I agree that there is limited appeal for such a weird assortment of lots. I’m guessing somebody collected these over years and years, thinking they could eventually buy the holdouts, and build some enormous project, but then they gave up.
    Nevertheless, Coney Island Ave, noisy and ugly as it is, is decently located compared to the lively parts of Ditmas Park. This is right around the corner from Sycamore, the Farm, etc.
    I could imagine a bunch of stuff springing up here, maybe a little noisier than Cortelyou road. How about a music venue? or a movie theater?

  • The Coney Island Avenue area will emerge at some point; so there is an upside. Who can say when? Who knows. $40 million ask? Hmmm– just love ambition!

    Site development may be problematic because this Isn’t a large site, but several smaller sites. Some are little more than landlocked backyards with a sliver of frontage. Unless additional lots are purchased to fill in the blanks, it may be difficult to develop much of anything here.

    Good luck with financing it @ 40 million dollars. It may be fun to see the appraisal. The seller would be lucky to get ~ 1/2 of ask.