Real Estate | Amusing the Zillion

Archive for the ‘Real Estate’ Category

Environmental Assessment Underway at Coney Island’s Shore Theater

Posted in historic preservation, Real Estate, tagged Coney Island, Demolition by Neglect, environmental assessment, landmark, New York City Landmark, PYE Properties, Shore Theater on October 29, 2015| 4 Comments »

Coney Island’s Shore Theater in the days after Hurricane Sandy. November 5, 2012. Photo © Tricia Vita

Can the Shore Theater, vacant for 40 years and designated a New York City landmark in 2010, be saved? On Monday, a group of people armed with bolt cutters cut the locks on a side door and went inside to find out. Sources on the scene told ATZ that one member of the group claimed they plan to buy and rehab the property as a hotel, restaurant and retail and need to find out if it is salvageable or beyond repair. Accompanying them was Kelly Floropoulos of Amiantos Environmental, whose firm does environmental site assessments. Reached by phone, Ms. Floropoulos told ATZ, “I can’t disclose any information. We’re still in the preliminary stages of assessment. It will take a few weeks.”

Homeless encampment under the sidewalk shed at the Shore Theater. July 30, 2015. Photo © Tricia Vita

When the building was about to win landmark designation in 2010, we wrote “March 23: Rescuing Coney Island’s Shore Theater from 35 Years of Neglect” (March 8, 2010). However, five more years of neglect have followed. A sampling of complaints to the DOB since then has included homeless encampment residing on a regular basis on the sidewalk shed and inside the building accessing by a ladder, safety concerns for the homeless as well as the public, windows unboarded, doors ripped, scaffold area is dark and unmaintained, falling debris.

The mystery buyer said he was one of the owners of the lot on the north side of Surf across from the Cyclone. A phone call to PYE Properties, which has a sign up advertising Coming Soon Retail Stores for Rent on the undeveloped lot, yielded no additional info. “I don’t know what you’re referring to,” said a spokeswoman. “Call back in a month.”

Shore Theater. June 13, 2013. Photo © Tricia Vita

Gargiulo’s Russo Brothers to Open Italian Fast Food on Surf Avenue

Posted in Food, Real Estate, tagged Coney Island, Gargiulo's, Italian food, Joe Vitacco, north side of Surf, Russo brothers, Surf Avenue on May 19, 2015| 1 Comment »

Vacant since Sandy, 1315 Surf Avenue will be the site of an Italian fast food restaurant. The Shore Theater building next door, owned by the Bullard family, has been vacant for 40 years. May 13, 2015. Photo © Tricia Vita

What’s new on the north side of Surf, the mecca for franchises in Coney Island? At 1315, where Cha Cha’s relocated from the Boardwalk until calling it quits after being devastated by Sandy, a permit has been taken out for interior renovations. A new eatery is going there and thankfully it won’t be another franchise or chain.

The Russo Brothers, owners of Gargiulo’s, which is Coney Island’s bastion of fine dining, are planning to open a fast food Italian restaurant, according to Anthony Russo. Pizza, veal parm and fried calamari will be among the offerings Russo told ATZ. No opening date has been set, but construction is expected to get underway as soon as permits have been approved.

Gargiulo’s Way, West 15th St between Surf and Mermaid Avenues, Coney Island. November 16, 2014. Photo © Tricia Vita

The Russo brothers own the building as well as the adjacent one where tenants include Piece of Velvet Bakery and Rita’s Italian Ice on the corner of 15th Street. In 2007, West 15th Street between Surf and Mermaid Avenues was designated Gargiulo’s Way to mark the 100th anniversary of Gargiulo’s Restaurant. Founded by Gus Gargiulo and owned by the Russo family since 1965, the Coney Island landmark at 2911 West 15th offers classic Neapolitan cuisine.

According to broker Joe Vitacco, who leased the storefronts to Rita’s and Piece of Velvet, there are very few remaining vacant spaces for lease on the north side of Surf. At 1223 Surf Avenue, he has 2,100 square feet on the first floor and 5,000 square feet plus 1,900 square foot terrace on the second floor and 4,000 square feet rooftop dinning for $45-$50 per square foot.

The first floor of that address next to Stillwell Terminal was also leased to a Johnny Rockets (6000 sf) and Red Mango (2.000 sf) franchisee in 2012, but construction has been delayed by new and ever-changing post-Sandy building regulations. Among the stores Vitacco is offering are 1,450 square feet at 1019 Surf Avenue next to the new Subway Cafe and across the street from Luna Park.

New Owner of Surf Ave Lot Across from Coney Island Cyclone Seeks Ideas for Seasonal Use

Posted in Coney Island Redevelopment, Real Estate, tagged development opportunity, north side of Surf, PYE Properties, Redevelopment, Surf Avenue, Vacant Lot on May 6, 2015| 1 Comment »

Lot on the north side of Surf Avenue adjacent to the West 8th Street subway station in Coney Island. May 5, 2015. Photo © anonymouse via AmusingtheZillion.com

The new owners of a long vacant lot on the north side of Surf Avenue directly across from the Cyclone roller coaster in Coney Island are seeking ideas for seasonal use. “We’re looking to do something in the short term,” Igor Oberman of PYE Properties told ATZ. Arts and crafts, food market, food trucks, and amusement attractions are a few of the possibilities.

“We’re brainstorming ideas as to what uses we could put the site this summer. It looks like Thor has got the food vendors to come out,” said Oberman, referring to the Smorgasburg vendors coming to Stillwell Avenue. “Any of your ideas would be appreciated.” Oberman may be reached at PYE Properties at igor[AT]pyeproperties[dot]com.

Over the past decade, the vacant lot, which has 140 feet of frontage on Surf and is 90 feet deep, has occasionally been used as a parking lot. For one day in 2011, the lot briefly hosted John Strong’s sideshow until the previous property owners abruptly did an about-face and went back to parking cars.

A kiddie ride park,a go kart track and a flea market housed in shipping containers have occupied the lot in the past. Bumper cars and other amusements were in the building on the site which was torn down in the 1950s. Until the early ’80s the north side of Surf Avenue was home to individually-owned penny arcades and a variety of rides including carousels and even a Jumbo Jet-style coaster.

Vacant lot at 805-825 Surf Avenue, on the north side of Surf across from the Cyclone in Coney Island, May 5, 2015. Photo © anonymouse via AmusingtheZillion.com

The Surf Avenue lot at 805-825 Surf Avenue is Brighton Beach-based PYE Properties’ first acquisition in Coney Island. “We’re looking to develop it shortly,” Oberman said. According to the development company’s website, “PYE Properties is a full-service development company guided by our in-house team of result-driven real estate professionals whose expertise includes acquisition, design, development, construction and property management.”

Since the rezoning of Coney Island, the north side of Surf has seen restaurants such as Grimaldi’s, Applebee’s, and Subway Cafe rapidly replacing furniture stores and vacant lots. A Johnny Rockets franchise is under construction and IHOP signed a lease in February. Mom & Pops on the north side include Chill party space, Red Door Bar & Grill (formerly Coney Island Bar & Grill), and Piece of Velvet Cupcakes.

UPDATE May 11, 2016

PYE Properties, the owners of the Surf Avenue lot across the street from the Coney Island Cyclone, have started advertising for vendors for a flea market set to open in May. Like some of the furniture stores and a cafe on the north side of Surf, it’s named after one of Coney’s amusement parks — Luna Park Flea Market. According to their new website, the price for a spot on Friday, Saturday or Sunday is $50, while other days of the week will go for $30. Read more