Taconic Betting Big On Coney Island Boom With 1,000-Unit Project
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!
Taconic Investment Partners is planning a major development in Coney Island that is slated to feature at least 1,000 units across three blocks.
Along with the residential units, the complex at 1709 Surf Ave. will have 80K SF of offices and 150K SF for retail, NY Yimby reports. Representatives for Taconic declined to comment or confirm those figures.
The firm — which is led by Charles Bendit and Paul Pariser — began assembling the parcels of land for the development in 2005, according to its website. The Prusik Group will be the retail partner for the project.
Taconic is one of a growing number of firms that are planning large-scale projects for the area. John Catsimatidis’ Red Apple Group is planning Ocean Dreams, a development with 440 units at 3514 Surf Ave. which will come with its own trolley service running 21 blocks to the subway. Cammeby’s International is also developing a mixed-use building at the site of the Trump Village Shopping Center on Neptune Avenue.
One of the major attractions of the area for developers is the availability of land, according to CPEX Managing Director Tim King.
“[Taconic’s development] is a monstrous site," he said. "Coney Island is one of the places that you can find acres and acres of land."
King described the recent development activity as a coming boom that is almost biblical.
“What you are going to end up having is several thousands of new families living in the area," he said. "This is a grand-scale project that is going to be sweeping in its impact."