A Manhattan-based real estate company with properties across the U.S. and Canada is proposing an 18-story, mixed-use development on Coney Island — less than a mile from the sprawling casino complex pitched by Thor Equities along Surf Avenue in Brooklyn.
Helm Equities, an affiliate of the family-run firm JEMB Realty, is seeking a rezoning from the city in order to erect the roughly 162,000-square-foot building at 2201-2227 Neptune Ave., which would include 145 rental apartments, of which 37 would be set aside as below market rate, and 20,100 square feet of retail space on the ground floor, according to a recent filing with the Department of City Planning. Helm Equities owner David Escava filed the application under the limited liability company Neptune Avenue Commercial, records show.
The projected total cost of the project is not immediately known.
A trio of buildings currently make up the proposed development site across three separate lots, which sit at the edge of Coney Island Creek between West 23rd and West 22nd streets. Helm Equities owns just two of the parcels, however — lots 1 and 10; the third, lot 20, is owned by a limited liability company called Neptune Equities Group, whose principal is Yisroel Blackman, city records show.
The proposed development would rise on the site of what’s now a 1-story commercial building on lot 10, which would be demolished, and next to a hotel that operates as a women’s shelter on lot 1. The women’s shelter, along with an adjacent warehouse owned by Neptune Avenue Commercial on lot 20, are slated to remain as-is. The application does not include any plans to provide waterfront access, but a future connection to the creek is possible if Neptune Avenue Commercial chooses to redevelop the lot.
Escava’s proposed development would be within walking distance of Thor Equities’ massive, multiblock project, which would include the 395,000-square-foot casino, a 500-room hotel and a 92,000-square-foot convention center with commercial space and a concert venue, according to recently unveiled details reported in Crain’s.
Helm Equities, which four years ago wrapped construction on a luxury apartment complex at 86 Delancey St. on the Lower East Side and is in the process of building a 300,000-square-foot retail and office development in Miami, did not respond to a request for comment. Construction at 2201-2227 Neptune Ave. is slated for 2026, pending city approval.
Julianne Cuba , 2024-05-28 18:56:47
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