Coney Island vision is becoming a reality.No real estate market in 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. has received as much attention as 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. . Property values there have doubled, tripled and quadrupled the past few years, exceeding even the fastest growing markets in the city. But despite sky-rocketing prices, Coney Island real estate is only as valuable as the foundation the city is in the process of creating for its new revitalization efforts. All are hopeful that this foundation will one day embrace a newer, better Coney Island that will support these high prices. One year ago, I published an articled entitled "Coney Island Comeback." Since then, the major groundwork has been laid in Coney Island, making it fertile ground for colossal redevelopment. Coney Island is no longer a vision, an idea or a dream. It is real and it is here, being built before our very own eyes. And what we are seeing is only the tip of the iceberg tip of the iceberg n. pl. tips of the iceberg A small evident part or aspect of something largely hidden: afraid that these few reported cases of the disease might only be the tip of the iceberg. . Starting with the completion of a $300 million renovation of the Stillwell Avenue terminal, which will bring four major train lines into the heart of the amusement district, the city has stylishly shown its dedication to redeveloping and repositioning this beautiful waterfront. A $45 million renovation has broken ground at NY Aquarium on Surf Avenue, adding a newly expanded section of alien stingers and exotic jellyfish jellyfish, common name for the free-swimming stage (see polyp and medusa), of certain invertebrate animals of the phylum Cnidaria (the coelenterates). The body of a jellyfish is shaped like a bell or umbrella, with a clear, jellylike material filling most of the . Building on the most famous Coney Island icon, the city recently announced the year-round illumination of the landmark Parachute Jump parachute jump n → saut m en parachute parachute jump parachute n → Fallschirmabsprung m parachute jump n on the Boardwalk near West 19th Street. Further west on the Island, Keyspan Park Features include a concourse with free-standing concession buildings and overhanging fluorescent lamps in different colors, evoking an amusement park atmosphere. In addition, the park overlooks the Atlantic Ocean as well as the famous Parachute Jump. has expanded their range of programs, incorporating rock concerts and community events throughout the year. Nonetheless, these improvements only represent the tangible side of things. So much more has been fermenting behind the scenes, and will likely come to fruition within the next few years. A pro-volleyball stadium on the beach and a shiny state-of-the-art community center on Surf Avenue are just a few of the upcoming luxuries set to arrive in Coney Island in the future. So who holds the crystal ball 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 future? The answer is the CIDC CIDC Central Institute for Animal Disease Control (The Netherlands) CIDC Cornell Institute for Digital Collections CIDC Criminal Investigation Command (US Army) (Coney Island Development Corporation) and EDC EDC See: Export Development Corp. (Economic Development Corporation), whose employees have been working late nights the past few years to tackle issues such as zoning and the preservation of the historical amusements on the island. Working with Ernst & Young and David Brody Bond Davis Brody Bond is a US architectural firm. On April 13, 2004 the Lower Manhattan Development Corporation announced that Davis Brody Bond would serve as the associate architects to assist Michael Arad and Peter Walker with their design for Reflecting Absence, a planned , they have released the master plan for Coney Island's redevelopment in September 2005. They are now working with a firm called Arquitectonica to construct the perfect balance of zoning for amusements, retail and residential. According to the EDC, the new zoning proposal will be completed around June of this year, but will not be released until the Environmental Impact Statement has been completed over the remaining summer months. By fall, these zoning proposals will be submitted to the city as a complete application that will make its way through the ULURP ULURP Uniform Land Use Review Process process throughout 2006 and next year. How has all of this great news affected property values? A recent study conducted by the Massey Knakal Coney Island Team shows that in 2005, the price-per-square-foot of land in Coney Island has risen for the fifth consecutive year, reaching an all-time high of $200 per s/f. This rise in land values can be attributed to the anticipation of what lies ahead in redevelopment, rezoning and the city's master revitalization plan. Some developers are taking Coney Island's future into their own hands. Joe Sitt of Thor Equities recently wowed the city with glamorous renderings of his version of future Coney Island. A group of developers who own two square blocks between Surf Avenue and the Boardwalk recently up-zoned their property from R5 to R6 and have plans to build 300 high-end, market-rate condominiums. Another developer chose to attract buyers to his development by building 38 apartments on Stillwell Avenue, footsteps away from the new $300 million train station. Expect to see much activity in the Coney Island real estate market over these next few months. Brace yourself for all the new development that will change the grimacing face of Coney Island forever. MICHAEL HARARI, CONEY ISLAND SALES DIRECTOR, MASSEY KNAKAL REALTY SERVICES |
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