Nalcorp and Clipper Equity, two New York-based real estate development and investment firms, have acquired a parcel of land in Coney Island, Brooklyn, at 2015 Boardwalk West, from Bath Site LLC. The purchase price for the oceanfront development site was 20 million US dollars, as announced by broker TerraCRG on Friday. The transaction underscores the continued interest in prominent locations in the region.
The acquired parking lot plot spans 69,530 square feet and boasts a Boardwalk frontage of 247 feet. It appears to be part of a larger ongoing development at the site. As early as 2024, permits were filed for the construction of a 23-storey mixed-use building with 202 residential units at 2015 Boardwalk West, indicating the site's significant development potential.
Site History and Transaction Details
The larger overall property where the development is taking place was previously acquired in 2006 by City Investment Fund, a real estate private equity vehicle of Fisher Brothers and Morgan Stanley, for 90 million US dollars from Thor Equities. Following the sale in 2006, this larger property was divided into six separate tax parcels. The sub-parcel now relevant to the transaction is known as Block 7072, Lot 6.
The seller, Bath Site LLC – a company comprising Georgica Green Ventures and their non-profit partner RiseBoro Community Partnership – had only acquired this specific property in July 2024 for 10.4 million US dollars. Dan Marks and Daniel Lebor of TerraCRG represented Bath Site LLC in this transaction. The names of the brokers who represented the buyers were not disclosed.
Coney Island as a Growth Market
Dan Marks commented on the market in a statement: Coney Island has evolved into one of the most exciting growth stories on New York City's waterfront. He added that ongoing public and private investments have transformed the area into one of the city's most attractive waterfront markets. Consequently, opportunities to acquire prime development sites along the Boardwalk are increasingly limited, making this transaction one of the most significant in the neighbourhood in recent years.
Nalcorp has recently been particularly active in the New York real estate market. The company recently acquired three additional development sites in the Bronx: 517 East 132nd Street, 519 East 132nd Street, and 122 Bruckner Boulevard. These properties, which currently house various industrial and special-use buildings, are to be converted into residential developments under the 485-x tax incentive programme, as previously reported.
