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805 Surf Avenue

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.

805 Surf Avenue

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

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January 29, 2015: Coney Island 2015: Subway Cafe, Sushi Lounge, IHOP, Checkers, Johnny Rockets

December 19, 2012: Will Coney Island’s Surf Ave Become a Mecca for Franchises?

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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 former “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?”

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

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