A new three-tower luxury development in Coney Island has launched a lottery for 150 middle-income apartments, attracting significant interest from local residents. Located at 532 Neptune Avenue, just a short half-mile from the Riegelmann Boardwalk and beach, the development features 499 apartments distributed across three buildings. With an impressive 95,000 square feet of amenities, residents can enjoy facilities such as a rooftop space, swimming pool, and a running track that encircles the property.
To qualify for the apartments, applicants must be New Yorkers earning 130 percent of the area median income. Monthly rent prices for the apartments start at $2,449 for studios and increase to $3,495 for two-bedroom units.
Historically, the site of the new development housed Trump Shopping Village, adjacent to the seven-building co-op apartment complex known as Trump Village. Cammeby’s International Group, the developer of this project, acquired the land as part of a large 6,000-unit purchase from the Trump family in 2003, investing approximately $700 million as reported by The Real Deal.
Initially in 2014, Cammeby’s unveiled plans for a mixed-use development called Neptune/Sixth, which included a 40-story residential tower. This tower was set to become the tallest residential building in southern Brooklyn. However, the project faced substantial opposition from residents of Trump Village, voicing concerns over the tower’s height and potential toxic chemicals from construction, given that the site once functioned as a gas plant.
Facing these setbacks, Cammeby’s, in conjunction with joint venture partner Rybak Development, modified the original proposal. The tower was reduced to three 22-story buildings, ultimately resulting in the planned 499 apartments. Despite construction commencing in 2022, Trump Village Section Four launched a lawsuit against Cammeby’s and Rybak, claiming that the current project lacks proper zoning.
As the development progresses, it has been noted that the site qualifies for the 421-a tax abatement, provided construction is completed by next June. The new complex, designed by Zproekt, incorporates a vast array of residential space totaling 758,600 square feet, alongside 40,368 square feet allocated for ground-floor commercial use and an additional 20,722 square feet for community facilities.
Residents will soon have access to a new retail hub next to the complex, which has already opened, featuring a CVS Pharmacy, an Apple Bank, a NetCost grocery store, and a bagel shop. Additionally, a seven-story commercial development at 626 Sheepshead Bay Road will include office space and other amenities such as a grocery store, liquor store, cafe, and convenience store.
The apartments in the development consist of various configurations, including studio, one-bedroom, two-bedroom, and three-bedroom units. Renderings indicate that many of these apartments will even feature balconies, providing residents with outdoor space.
The extensive range of amenities enhances this luxurious living experience. Highlights include a rooftop, a heated swimming pool, a modern fitness center, spa-like saunas, and a basketball court. There is also a dedicated picnic area, along with a running track that surrounds the property, all enveloped in greenery.
For those needing on-site parking, the development offers space for 535 vehicles, with one-third of the spots being equipped to support electric cars.
In terms of transportation, residents will find convenience with the F train at Neptune Avenue-Van Siclen and the Q train at Ocean Parkway nearby. Additionally, the prime location allows residents to enjoy the beach and boardwalk, located just a ten-minute walk away, amidst the vibrant atmosphere filled with entertainment and food options that Coney Island has to offer.
New Yorkers looking to apply for the middle-income apartments can do so until October 14, 2025. Complete details on how to apply are available through the NYC Housing Connect platform. Those with inquiries regarding this offer are advised to contact NYC’s Housing Connect department by calling 311.
In related news, the city is also advancing plans aimed at enhancing Coney Island, which includes thousands of mixed-income homes along with significant retail and boardwalk improvements. Mayor Eric Adams and the city’s Economic Development Corporation recently unveiled their vision for “Coney Island West,” a waterfront area positioned to the west of the Amusement District. The city has issued a request for proposals for the initial city-owned parcel, contributing to the development of 1,500 new homes in the area.
Additionally, a new rental opportunity has emerged at 1515 Surf Avenue, which is just a block away from the Atlantic Ocean and the Riegelmann Boardwalk. A lottery for 139 mixed-income apartments has been opened, forming the city’s first multi-family geothermal project, with the building utilizing Earth for heating and cooling instead of fossil fuels. Those earning between 80 and 130 percent of the area median income can apply for apartments priced from $1,640 per month for one-bedrooms to $3,013 per month for two-bedrooms.
Further developments in affordable housing in Coney Island include a lottery for 299 mixed-income units at 1607 Surf Avenue, with applications open for New Yorkers earning between 30 to 130 percent of the area median income. Prices for these apartments range from $410 per month for studios to $2,656 monthly for three-bedroom units. BFC Partners has also announced the groundbreaking for the second phase of their 100 percent affordable housing project in Coney Island, which will include 376 rental units along with dedicated community and commercial space.
Moreover, a lottery was recently launched for 138 affordable apartments in a new complex on Surf Avenue and West 20th Street called Raven Hall. This development features amenities such as a community center, fitness center, and rooftop terrace with views of the ocean. Apartments are available for various incomes, with prices ranging from $558 per month for studios to $2,229 for three-bedrooms.
In another initiative, an affordable housing lottery has been opened for 400 units at the Coney Island Phase I development. This project is located at 2926 West 19th Street, directly across from MCU Park where the Brooklyn Cyclones play, and is just steps away from the historic boardwalk and beach. Units are available for applicants earning from 30 percent to 130 percent of the area median income, with rents starting from $367 for studios to $2,250 for three-bedroom apartments.
The upcoming years look promising for Coney Island, as these developments not only aim to provide housing opportunities but also enhance the local economy and community facilities.
image source from：6sqft
