About these ads
Feeds:
Posts
Comments

Posts Tagged ‘Surf Avenue’

Surf Avenue

On the Market: Taconic’s former ‘Coney Island North Venture,’ vacant parcels of land on north side of Surf Ave. between W 16th and W 20th Streets

Last year, the landmark Childs Building on the Boardwalk and a neighboring lot zoned for condos became part of iStar Financial’s portfolio when Taconic Investment Partners, which acquired the properties in 2005, defaulted on loans. Now the other shoe has dropped. Taconic’s “Coney Island North Venture,” three city blocks on the north side of Surf Avenue across from the Brooklyn Cyclones stadium totaling over 100,000 square feet of vacant land, is on the market.

ATZ learned of the offering from Coney Island broker Joe Vitacco. Neither Taconic nor iStar is mentioned in a two-page teaser for “Surf Avenue Assemblage: Prime Coney Island Mixed Use Development Opportunity.” Nor is the price. Interested persons are required to sign a nondisclosure agreement with the listing broker to find out additional info.

According to the brokers, R7-X and C2-4 zoning allows for approximately 380,426 buildable square feet as-of-right or up to 507,235 buildable square feet with inclusionary housing on 101,447 square feet of parcels. Combined Assessment/Taxes Due for 2013 and ’14 are $1,668,753/$185,488.

“Buyers can also explore a larger assemblage opportunity by incorporating adjacent sites currently owned by HPD,” says the flier. “Developers will also be able to take advantage of the property’s significant retail frontage. With few assemblages of this scale ever coming to market, the Surf Avenue Assemblage represents a unique opportunity to develop a project in one of New York City’s most dynamic submarkets.”

Coney Island Aerial: Detail of Conceptual Rendering. CIDC Press Kit

Coney Island Aerial: Detail of Conceptual Rendering Shows Residential Towers West and North of the Brooklyn Cyclones Stadium. CIDC Press Kit, 2009

Up until a few years ago when they fell silent, Taconic Investment Partners planned to build a glittering city of high-rise apartments and retail west and north of MCU Park. Their Senior VP of Acquisitions and his colleagues were a regular presence at hearings leading up to the Coney Island Rezoning of July 2009. According to Taconic’s website, the rezoning “significantly increased our buildable floor areas for mixed-use residential and retail projects to between 1.8 million and 2.4 million square feet, with the potential to create nearly 2,000 residential units and more than 200,000 square feet of retail space.”

The parcels between W 16th and W 20th Streets have been vacant since the wave of urban renewal in the 1960s and 1970s, says Coney Island History Project director Charles Denson, who grew up a few blocks away and documented the razing of the neighborhood in his photos. The RKO Tilyou, operated by the Tilyou family across the street from their Steeplechase Park on Surf at West 17th was demolished in 1973.

Coney Island North and South Venture

Rendering of Coney Island North and South Venture, Taconic Real Estate Investment Partners

Taconic’s plans for their “Coney Island North and South Venture” remain on their website. Only the players are changing.

As Taconic CEO William Bendit told Eliot Brown of the New York Observer in an interview in 2009: “What attracted us to Coney Island was the fact that it’s vacant land—we didn’t have to dispossess anybody, relocate anybody. And it’s the beachfront. How much beachfront land is there in New York City? Not only that, but beachfront land that’s accessible to the subway. So, if you think about it, how many young people, or anybody, for that matter, would like to commute into New York or Brooklyn, and go home at night and live on the beach?”

Share

Related posts on ATZ…

December 7, 2013: New Construction: Coney Island Area’s 1st Hotel in Decades

October 30, 2013: Photo Album: Four Transformations, One Year After Sandy

October 17, 2013: The New Coney Island: Thor Equities Vacant Lots, Dummy Arcades

February 17, 2011: New Construction: Coney Island’s 1st Private Beachfront Condos on Boardwalk

About these ads

Read Full Post »

Frozen custard

Frozen custard from Rita’s Italian Ice. Photo via Facebook.com/RitasItalianIceCompany

The year is only three days old and already another new franchise is set to come to Coney Island in 2014. Rita’s Italian Ice, a company whose tag line is “Ice, Custard and Happiness” will open a store on Surf Avenue in Coney Island. Broker Joe Vitacco tells ATZ he signed a lease with a Rita’s franchise owner for the 1,500 square foot space at 1329 Surf Avenue, on the corner of Surf and West 15th Street. The store is located across the street from Nathan’s and Williams Candy and is expected to be open seasonally, probably from March through October. The current tenant, a social club, will move next door.

Rita’s menu offers Italian ice, frozen custard, layered gelati, sundaes with a choice of 20 toppings, sugar-free treats, and trademark items that blend Italian ice with frozen custard.

Frozen custard is of course one of the lost delights of Coney Island. The dessert made its debut in 1919 when the Kohr brothers opened a stand on the Coney Island Boardwalk. The nickel treat was a sensation, selling 18,460 cones on the first weekend!

sundae with toppings

Frozen custard sundae with toppings from Rita’s Italian Ice. Photo via Facebook.com/RitasItalianIceCompany

Kohr’s Frozen Custard is still in business on the Boardwalks at Seaside Heights and Casino Pier on the Jersey Shore but Kohr’s has shown no interest in making a Coney Island comeback. Businesses in Coney Island which sell ice cream, gelato and soft serve haven’t made any move to bring back frozen custard either, despite the recommendations of old-timers. It’s ironic that thanks to a popular international chain headquartered in Trevose, Pennyslvania, we can look forward to the return of this treat to its place of origin and the celebration of National Frozen Custard Day on August 8th.

Rita’s has over 600 outlets in 21 states and is the latest of a growing number of national and international franchises and chains leasing space on high-priced Surf Avenue in the new Coney Island.

Back in 2012, ATZ asked “Will Coney Island’s Surf Ave Become a Mecca for Franchises?” (December 19, 2012). Clearly, the answer is yes. Like attracts like. In 2014, Johnny Rockets, Red Mango and Subway Cafe, which are currently under construction, will join It’Sugar, Applebee’s, Popeye’s, Dunkin’ Donuts/Baskin Robbins and Subway on the main drag of Coney’s amusement district. Also on Surf and in a category unto themselves are Nathan’s original 1916 store, which is a year-round magnet for tourists, and Brooklyn-grown Grimaldi’s Pizzeria.

According to the franchise’s website, Rita’s is the world’s largest Italian ice concept and opened its first international outlet in October in Shenzhen, China. The franchisor for Southern China plans to open 31 outlets over 10 years.

Rita's Italian Ice

Rita’s Italian Ice, Yonkers, NY Store. Via Facebook.com/RitasItalianIceCompany

In the New York metro area, Rita’s year-round locations are on Broadway at 92nd Street in Manhattan –the only store in New York City–and several locations in New Jersey, including Hoboken, and the Izod Center and MetLife Stadium in East Rutherford, NJ. The majority of stores in New York and neighboring states such as New Jersey, Connecticut and Pennyslvania are open seasonally from March through October. Investment firm Falconhead Capital LLC owns a controlling interest in Rita’s, which was founded in 1984 as a Mom-and-Pop product sold from a porch window in Philadelphia.

Share

Related posts on ATZ…

December 31, 2013: Amusing the Zillion’s Coney Island 2013 Year in Review

September 11, 2013: Subway Cafe to Replace Furniture Store on Coney Island’s Surf Ave

February 13, 2013: Thor’s Coney Island: Candy Retailer It’Sugar to Open Surf Ave Store

January 28, 2012: Lost Delights of Coney Island: Frozen Custard

Read Full Post »

Surf Avenue

Guys in Hazmat suits doing interior demo work at Thor Equities-owned building at 1106 Surf Ave, December 7, 2013. Photo by Anonymouse via Amusing the Zillion

On Saturday, we were alarmed to receive a call about men in hazmat suits starting interior demolition on Thor Equities-owned Grashorn, Coney Island’s oldest building. Asked by a pedestrian if there was danger, a worker replied they were doing demolition. The work continued through the weekend. A dumpster in front of the building filled up with sheetrock, ductwork insulation, and mattresses. There are no permits posted, nor are there any work permits on the DOB website for the buildings at 1102-1106 Surf Avenue. Anonymous tipsters sent us these photos.

Last month ATZ posted “Rumor Mill Says Coney’s Oldest Building To be Demolished” (ATZ, November 15, 2013). Was the Rumor Mill right? As it turns out, the demo crew was working next door to the Grashorn building where Henry Grashorn’s hardware store was in the 1880s. They are doing interior demo in the neighboring space that was G. Grashorn’s Groceries. The buildings also housed the Grashorn family’s hotel but due to alterations to the facade were not considered eligible for landmarking by the City’s Landmark’s Commission.

Surf Avenue

Thor Equities-owned buildings on Surf Ave, December 7, 2013. Photo by Anonymouse via Amusing the Zillion

We’ll look into the matter of the permits this week. In the past, there’s been a lag on updates to the DOB site. In 2010, Thor’s teardown of the Henderson Music Hall caught people by surprise as the asbestos abatement that preceded the demo got underway. Also without any permits posted, it should be noted.

The storefronts at 1106 Surf Avenue are newly vacant, having been occupied by Gameworld arcade, a pina colada stand and other concessions for the past four seasons. The neighboring Grashorn building at 1102-1104 Surf Avenue, which also has frontage on Jones Walk, has been vacant since 2008 as ATZ reported in “The New Coney Island: A Tale of Two Jones Walks” (ATZ, Sept. 2, 2013).

The Grashorn no longer has a C of O after having been gutted, though it looked great as the Susquehanna Hat Company in an episode of HBO’s Bored to Death in 2011. Save Coney Island has published renderings showing the potential of the building if restored. Henry Grashorn was a founding director of the Bank of Coney Island, the Mardi Gras Association and the Coney Island Church and Rescue Home. His hardware store catered to Coney Island’s amusement businesses for six decades and the building later housed shooting galleries, arcades, and cotton candy and taffy stands.

Surf Avenue

Dumpster at Thor Equities Building on Surf Ave, Coney Island. December 7, 2013. Photo by Anonymouse via Amusing the Zillion

In addition to the Henderson, Thor CEO Joe Sitt demolished two other historic Surf Avenue properties–the Bank of Coney Island and the Shore Hotel in 2010, after his lots on the south side of Surf were rezoned by the city for 30 story hotels. Only the buildings that once housed the Grashorn hardware and grocery store remain. If Coney Island’s oldest is going down to become another empty lot to add to Joe Sitt’s collection of empty lots in Coney Island, it won’t happen unnoticed. We promise to make a lot of noise.

Thor Equities purchased the Grashorn (1102-1104 Surf Ave.) for $1.4 million in 2005 and the adjacent building at 1106 for $2.2 million in 2006, according to Property Shark.

UPDATE December 9, 2013:

Sources say the FDNY inspected the building last week and the property owner was fined and required to clean the fire hazard caused by squatters. Squatters have been living there since at least 2010. It takes the FDNY to get Thor to maintain their property and keep it safe? The public cannot access the FDNY’s database but has to put in a request for a search which takes 10 days and costs 10 bucks. Betcha 20 we’ll have more info from the Rumor Mill sooner than that!

Surf Avenue

Thor Equities-owned buildings at 1102-1106 Surf Ave, Coney Island. December 7, 2013. Photo by Anonymouse via Amusing the Zillion

Share

Related posts on ATZ…

October 17, 2013: The New Coney Island: Thor Equities Vacant Lots, Dummy Arcades

September 2, 2013: The New Coney Island: A Tale of Two Jones Walks

September 9, 2010: Thor’s Coney Island: Faber’s Fascination Goes Dark After 50 Years

March 3, 2010: Thor’s Coney Island: What Stillwell Looked Like Before Joe Sitt

Read Full Post »

Older Posts »

Follow

Get every new post delivered to your Inbox.

Join 264 other followers