Coney Island Boardwalk Site Sells For $20 Million

BROOKLYN, NY— Two New York real estate firms have paid $20 million for a piece of oceanfront Coney Island.

Nalcorp and Clipper Equity acquired the property at 2015 Boardwalk West from Bath Site LLC, according to TerraCRG, which represented the seller.

The property covers 69,530 square feet and has 247 feet of frontage along the boardwalk.

A 23-story residential building is already moving through the City's development process on part of the larger site.

The New York City Department of Buildings approved a new-building application for a 23-story structure at 3027 West 21st Street.

The permit calls for a residential building with 205 apartments and about 216,772 square feet. A construction permit for the 23-story building was issued March 26.

Nalcorp and Clipper Equity have worked together on other Brooklyn development sites.

In 2022, the firms paid about $90.9 million for properties at 2359 and 2360 Bedford Avenue in Flatbush, where they planned 429 apartments.

The developers are now part of a broader four-building project called Bedford Square, which is expected to have 877 rental apartments.

The complex is being built at 2201 Beverly Road, 2366 Bedford Avenue, 2363 Bedford Avenue and 158 Lott Street.

In April, Clipper secured a $170 million refinancing for the 354-unit building at 2366 Bedford Avenue. The building is expected to open this year.