534 Coney Island Avenue_Property for Sale

542 Coney Island Avenue, New York, NY, 11218, US

534 Coney Island Avenue

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange for the sale or ground lease of 534 Coney Island Avenue (the “Property” or “Site”), a premier development site located in Prospect Park South. The Site has a 10,160 SF footprint and the ability to build up to 60,960 ZFA. Strategically situated at the intersection of Coney Island Avenue and Hinckley Place, this prime corner location offers developers an exceptional canvas with substantial upside potential in an undersupplied and growing submarket. The Site is currently occupied by QSR NYC LLC who owns the KFC tenant interest and pays monthly ground lease payments. The ground lease has a 120-Day demolition clause.

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Attributes

Land area gross

944 m²

Zoning

C2-4 / R7X (OP)

Media

Investment Highlights

Premier Sale or Ground Lease Opportunity

534 Coney Island Avenue presents a prime development opportunity in the heart of Prospect Park South. This ~10,200 square foot lot is available for ground lease, offering developers the potential to construct a building with up to 60,960 zoning floor area (ZFA). The Site’s strategic location in a rapidly growing Brooklyn neighborhood, combined with its generous buildable area, makes it an attractive prospect for a mixed-use project. With the flexibility of a ground lease arrangement, developers can maximize their investment potential while benefiting from the area’s increasing rents and demand.

Capitalizing on Brooklyn’s Rental Demand

Brooklyn’s rental market has seen significant growth, with median rents increasing by approximately 10% year-over-year as of 2024. Park Slope South has consistently outperformed borough-wide averages in terms of rental rates and occupancy. This Property, situated near major transportation hubs and popular amenities, is well-positioned to attract young professionals and families driving the area’s rental demand. With Brooklyn’s population projected to grow by 5% over the next five years, this development opportunity aligns with the borough’s long-term residential needs.

485-X / City of Yes

The Site will be benefit from both the 485-X Tax Abatement and City of Yes programs. City of Yes allows buildings to add at least 20% more housing, if the additional units are affordable to households earning 60% of the Area Median Income. Height allowances and parking waivers are also approved through the City of Yes which will decrease development costs and improve the overall efficiency of new developments.

Convenient Access to Mass Transit

534 Coney Island Avenue offers excellent accessibility with multiple transportation options. The Cortelyou Road subway station ( Q train) is a brief 2-minute walk (0.3 miles) away, providing direct access to Manhattan and Brooklyn hotspots. The Beverly Road station ( Q line) is just a 5-minute walk (0.5 miles) from the Property. The Ft. Hamilton Parkway station ( F and G lines) is a 10-minute walk (0.7 miles) away, offering additional connections to downtown Brooklyn, Queens, and Manhattan. Conveniently located B103 and B68 bus stops are right outside the building. For drivers, the Prospect Expressway is a 5-minute drive away, connecting to major highways for easy travel throughout New York City.