Stalled Condo Development
Coney Island, NY
Appraised at $15 Million
105,000 Buildable SF
June 09
Auction Date
Property Highlights
Size
105,114
Address
271-275 Sea Breeze Avenue
City, State
Brooklyn, NY
Appraised Value
$15,000,000
How to Participate
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Download Brochure Click Here
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Purchase Due DiligenceNo Longer Available
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Attend InpsectionCall (212) 867-3333 to schedule an inspection.
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Sealed Bid AuctionSealed Bid Deadline and Instructions
Bids are due 5pm EST on Thursday, June 9.
Submit bids in a sealed envelope marked “Confidential” and deliver to:
Paramount Realty USA
Attention: 271-275 Seabreeze Avenue Auction
299 Park Avenue, 20th Floor
New York, NY 10171
Sealed Bid Deadline - June 9th
Appraised for $15 Million in 2010
Paramount Realty USA is the exclusive agent representing the owner in the sale of the fee interest of a 27,753 sf partially improved parcel of land located at 271-275 Sea Breeze Avenue, Kings County, Brooklyn, NY (the "Property") and any assignable intellectual property associated with the Property.
To date, the Property’s water/sewer infrastructure and foundation work is fully complete. The foundation work includes a Krystol Internal Membrane™ (KIM®) with a 30-yr manufacturer's warranty. Given that the unknown conditions associated with subsurface construction are no longer a concern, a new owner can immediately commence pouring the above-grade floor slabs for building.
Previously, the Property received approvals to be improved with a 151,845 gross sf mixed used project comprised of 97 residential units (41x 1BR/1BA, 25x 2BR/2BA, 24x 3BR/3BA, 4x 3BR/3BA duplex penthouse units and 3x 4BR/3BA duplex penthouse units in 105,114 sf), a community facility (17,505 sf), and 165 parking spaces. Given the location of the Property (directly north of Asser Levy Park), the units, if developed in accordance with the proposed plans, will have sweeping, unobstructed views of the Atlantic Ocean. The buyer may seek to utilize the previously approved plans or seek alternative plans for the site.