More affordable housing could be coming to Coney Island under a proposed rezoning by Proto Property Services.
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The Bronx-based developer wants to more than double the number of units at 2950 W. 24th St., adding to a development boom in the area, according to Crain's New York Business. Ocean Towers, a 19-story building with 360 units, sits on the site.
Behind Ocean Towers, Proto plans to build a 17-story, 415-unit building, which would share a courtyard with the existing development, according to an application filed with the Department of City Planning. The new tower would be dubbed Ocean Queen, Crain’s reported.
In addition to the new housing, Proto would build 15K SF of community space, 10K SF of retail space and a 143-car parking lot. The new development would total approximately 440K SF.
All of the housing would be affordable to households making no more than 60% of the area median income, Proto told Crain’s.
Proto partnered with Community Development Trust to scoop up the property in 2013 for $35.6M after Coney Island was hit by Superstorm Sandy.
“Post-Sandy there's even more of a demand for affordable housing. There were units lost because of damage from the storm,” Community Development Trust President and CEO Joseph Reilly told The Wall Street Journal at the time.
Since then, several housing projects and other developments have risen in the area. In the past decade, more than 6M SF of new building applications and permits have been filed in Coney Island, more than any other neighborhood in South Brooklyn, according to PropertyScout data provided to Bisnow.
That could surge further if Thor Equities is successful in its bid to bring a $3B casino campus to Coney Island.
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