Over the weekend ATZ got to wondering whatever happened to the condos under construction on the Boardwalk at West 32nd Street? There continues to be a lot of interest in this property. “New Construction: Coney Island’s 1st Private Beachfront Condos on Boardwalk” (ATZ, February 17, 2011) is among Amusing the Zillion’s Top 10 Coney Island News Stories of 2011, our year-end post, which we’re working on now.
Coney Island photographer Bruce Handy, whose Sunday walk took him in that direction, sent us the above photo. “There were no for sale or rent signs on the condo fence, only construction signs,” he said. It turns out the four-story building, which has 11 units including 1, 2 and 3 bedroom apartments, is still under construction. Though it appears to be almost finished, construction is stalled for now. According to the DOB website, there’s a partial stop work order on the property due to two open ECB “Work Without A Permit” Violations. One is for doing electrical work on a Saturday without a variance permit. The second is for installing scaffolding without a permit. An administrative hearing is pending.
The long-vacant, 6,779-square-foot beachfront lot was purchased by New Vision Capital for $1.5 million in 2009. “NVC’s primary focus is the identification of intermediate and longer term opportunities, where positive cash flow and/or impressive capital appreciation are anticipated,” the company’s website says. On Monday, a rep at NVC told ATZ that they hope to complete construction by year’s end and that the penthouse and a few of the three bedrooms are sold. Current prices are $510,000 for a one-bedroom, $685,000 for a two-bedroom and $840,00 to $910,000 for a three-bedroom unit. In February, the asking price for the penthouse was $1.55 million. As we wrote then:
Located in the West End of Coney Island, across the street from the NYC Housing Authority’s Coney Island Houses, this new construction is a harbinger of more beachfront residential to come. The rezoning plan approved by the City Council in 2009 put 26 high rise residential towers and 5,000 new units of housing in Coney Island, including beachfront condos on Taconic Investment Partners 5.5 blocks of vacant land just west of MCU Park (West 20th Street).
Related posts on ATZ…
February 17, 2011: New Construction: Coney Island’s 1st Private Beachfront Condos on Boardwalk
January 1, 2011: Amusing the Zillion’s Top 10 Coney Island News Stories of 2010
January 11, 2010: Steeplechase Pool, Zip Coaster Sites to Be De-Mapped for Housing