Coney Island makes a comeback.Everyone is talking about Coney Island Coney Island (kō`nē), beach resort, amusement center, and neighborhood of S Brooklyn borough of New York City, SE N.Y., on the Atlantic Ocean. . The buzz is out. It seems the barren days of Coney Island are finally coming to an end. But why now? What has suddenly transpired that served as a catalyst for this booming marketplace and uncanny focus on the Amusement District of Coney Island? One major factor contributing to this Coney Island renaissance is undoubtedly the overall boom in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. marketplace, specifically in Brooklyn. There is simply a shortage of properties available on the market today and the number of buyers looking to get a piece of the real estate pie is growing exponentially. However, there is more to it than just the market. Coney Island can be likened to a gem that, over the years, has been covered by layers of dust, causing it to loose its shine. These past few years, this gem has been lifted off the ground, dusted off, and held high on a pedestal On a Pedestal is an EP by the Swedish band Adhesive, released in 1998. Track listing
York City has been long neglected and underutilized. In fact, the MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. has taken the first step by developing a new $240 million train station in the heart of Coney Island. Following suit, the Bloomberg Administration has taken initiative in creating a 13-member Coney Island Development Corporation, which has been handed the responsibility of formulating a master plan for Coney coney or cony (both: kō`nē), name used for the rabbit (Oryctolagus) and for its fur; more often, for the pika, a small rodent found at high altitudes in both hemispheres; and for the hyrax, a small herbivorous, Island's redevelopment. They are diligently working with the EDC EDC See: Export Development Corp. and Ernst and Young, their advisers, to devise the most feasible plan for Coney Island's future. They hope to take this project from the drawing board to reality and present a final plan to the public by March 2005. There preliminary plans can be viewed at www.thecidc.org. All the hype surrounding Coney Island has transformed its real estate into gold. You can no longer buy a vacant lot for $25,000. In fact, you'd be lucky to find one for less than eight times that amount. Industrial property has reached its all-time high at $136 per square foot in 2004, up from $63 per square foot less than four years ago. Retail and mixed-use properties have nearly tripled in value, going from selling at $61 per square foot in 2000 to $179 per square foot in 2004. In October 2004, Massey Knakal exclusively represented the seller in the sale of 1411, 1413, & 1415 Neptune Avenue. These properties sold as a package for $1,150,000, which represents $171 per square foot, a gross rent multiple of 10.09 and a cap rate of 7.53%. In addition to these record sales, national tenants are scouting the area, trying to get in while they still can. Mermaid Avenue already enjoys its own Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. , Taco Bell Taco Bell Corp., a subsidiary of Yum! Brands, Inc., is a Mexican-style quick service restaurant chain based in Irvine, California, United States. The restaurant has locations primarily in the United States and Canada, but also operates outlets in several other markets. and new H&R Block. Old, dormant land is being developed into gorgeous single-family homes. The demographics are rapidly changing and now include a new, working class population. Investors worn out from overpriced o·ver·price tr.v. o·ver·priced, o·ver·pric·ing, o·ver·pric·es To put too high a price or value on. overpriced Adjective costing more than it is thought to be worth Adj. listings in areas like Brighton Beach are now finding refuge in the mixed-use properties lining Surf, Mermaid and Neptune Avenues. Is this truly the beginning of the much heralded Coney Island renaissance? Only time will tell, but I believe Coney Island has only begun to scratch the surface. MICHAEL HARARI, BROKER, MASSEY KNAKAL REALTY SERVICES |
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