January 13, 2020
Acting on behalf of the Russo family, JLL Capital Markets structured a 99-year ground lease on a near full-block development site at 1517 Surf Ave. in Coney Island. Currently used as an ancillary parking lot for Gargiulo’s Restaurant, which the Russos acquired in 1965, the site was leased to LCOR Inc.. The ground lease doesn’t include the restaurant.
“This represents the largest and most subway-proximate residential development site remaining along the rapidly transforming Surf Avenue,” said JLL’s Steven Rutman. “Rezoned in the past decade, Coney Island is transitioning from a seasonal tourist destination to a year-round residential waterfront enclave. The unique zoning structure of Coney Island will ensure views of the Atlantic Ocean are protected in perpetuity.”
Rutman arranged the transaction with colleagues Rob Hinckley and Jeffrey Julien. LCOR’s Antony Tortora said his company anticipates building “a mixed-income residential development, with up to 30% of the apartments designated as affordable.”
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