Taconic Betting Big On Coney Island Boom With 1,000-Unit Project

Rendering of Taconic's 1709 Surf Ave.
Rendering Of Taconic's 1709 Surf Ave.

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."

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

NYC Office Investor Warns It Could Go Under As Defaults Pile Up

Chetrit Group 'Being Dissolved' As Family Turmoil Spirals

Century 21 Retail Redevelopment Advances With New Financing, Leases: The N.Y. Deal Sheet

Food And Beverage Increasingly Becoming Anchor In Mixed-Use Projects

Bally's Debt Obligations Raise Doubts Over Casino Operator's Future

Tax Break Fight Threatens Development In Housing-Starved Long Island

Vornado, Related's Google-Anchored Office Building Faces 'Imminent Default'

Beacon Partners Sells Charlotte Mixed-Use Development For $92M

Pied-À-Terre Tax Won't Deter Buyers Long Term, Developers Say

Long Island City Lab Sells At A Loss: The N.Y. Deal Sheet

Ari Emanuel Invests In Broadway's Next Act With $6B Theater Buy

Yardi-Backed Flex Office Marketplace Launches In U.S. As Companies Plan To Up Attendance