Fancy a trip to the Boardwalk?<\/p>\n
A pair of New York-based real estate development and investment firms \u2014 Nalcorp<\/a> and Clipper Equity<\/a> \u2014 have acquired a land parcel at 2015 Boardwalk West, an oceanfront development in Coney Island, Brooklyn, from seller Bath Site LLC for $20 million, broker TerraCRG<\/a> announced Friday.\u00a0<\/p>\n SEE ALSO: First Pioneer Properties Buys Queens Retail Center for $24M<\/a><\/p>\n The parking lot property, which spans 69,530 square feet and has 247 feet of Boardwalk frontage, seems to be part of a larger ongoing development on the site. Permits were filed<\/a> in 2024 to build a 23-story, 202-unit mixed-use building at 2015 Boardwalk West.<\/p>\n The larger parcel of land home to the development was purchased<\/a> in 2006 by the City Investment Fund \u2014 a real estate private equity vehicle launched by the Fisher Brothers<\/a> and Morgan Stanley<\/a> \u2014 from Thor Equities<\/a> for $90 million.\u00a0<\/p>\n Following the 2006 sale, the larger parcel was subdivided into six separate tax lots, including the one part of this most recent transaction, which is called Block 7072, Lot 6. Bath Site LLC \u2014 an entity comprising Georgica Green Ventures<\/a> and its nonprofit partner RiseBoro Community Partnership<\/a> \u2014 acquired<\/a> this property in July 2024 for $10.4 million.<\/p>\n Dan Marks and Daniel Lebor from TerraCRG represented Bath Site LLC in this transaction. The firm did not disclose the names of the brokers who represented the buyers.\u00a0<\/p>\n The buyers did not immediately respond to Commercial Observer\u2019s request for comment, while the seller could not be reached for comment.\u00a0<\/p>\n \u201cConey Island has become one of New York City\u2019s most exciting waterfront growth stories,\u201d Marks said in a statement. \u201cOngoing public and private investment has transformed the area into one of the city\u2019s most compelling waterfront markets. As a result, opportunities to acquire premier development sites along the Boardwalk have become increasingly limited, making this one of the most significant development transactions in the neighborhood in recent years.\u201d<\/p>\n Nalcorp\u2019s been busy in New York City, as it recently acquired three development sites in the Bronx at 517 East 132nd Street, 519 East 132nd Street and 122 Bruckner Boulevard. These lots are currently home to a variety of buildings intended for industrial and speciality uses, CO previously reported<\/a>. The sites are slated to become residential developments under the 485-x tax incentive program.\u00a0<\/p>\n