A massive apartment complex is coming to the parking lot of Gargiulo’s Restaurant, becoming the latest of many towers to rise up in the district.
The Surf Avenue building, whose two towers will reach 16 stories and 26 stories high, will house 322 market-rate apartments and 139 affordable units, developer LCOR said.
The building will span the block between W. 15th and W. 16th streets, and will contain one and two-bedroom units, according to LCOR spokesman Sam Goldstein. Goldstein did not say how much the apartments will lease for.
The glitzy complex, which will be finished around 2024, will also feature an outdoor pool, a gym, a parking lot, an indoor basketball and handball court, and multiple tenant lounges, LCOR said.
The ground floor of the complex will have 11,000 square feet of retail space, which will likely house “key services” or “entertainment,” Goldstein said.
The building’s announcement comes nearly a year after LCOR signed a 99-year lease agreement with the Gargiulo’s owners to build the apartment tower on the parking lot, which spans almost the whole block between Surf and Mermaid avenues, Brooklyn Paper first reported.
LCOR will pay the Russo family, which has operated the beloved Coney Island restaurant since 1965, about $100 million over the course of the deal, according to The Real Deal.
An LCOR executive said he company decided to expand to Coney Island because of increasing demand for beachfront property.
“We believe that the combination of relative value, accessibility, ocean views, and beachfront living will be highly desirable and attract tenants from all over NYC,” LCOR’s Senior Vice President Anthony Tortora said. “We are seeing more and more tenants who are interested in an urban-suburban experience.”
The firm isn’t the only developer to flock to the People’s Playground. Over the last several years, several high-rise apartments have sprouted up across the neighborhood, including John Catsimatidis’ 21-story Ocean Drive complex on W. 35th Street and a 40-story tower under construction on Neptune Avenue.
Developers are permitted to build enormous towers because of Coney Island’s 2009 city-led rezoning, which aimed to revive the district that was in economic decline.
One of Gargiulo’s owners said the new complex will suit the area well.
“Our family is happy to welcome LCOR to Coney Island,” said Michael Russo. “LCOR is incorporating the best features of classic Coney Island with modern facilities that meet the needs of a full-time population.”
Gargiulo’s will remain open throughout construction, and after the towers are built, according to LCOR.