This building is up-and-coming!
A fancy office and retail center in Coney Island is nearing completion, as its spaces are filling up with tenants. Cammeby’s seven-story glass building on Sheepshead Bay Road is now 50-percent leased, and one real estate broker says it will bring a high-end shopping and business experience to the heart of Coney Island.
“There’s nothing there to rent that’s quality. There’s no significant retail corridor,” said Maria Savidis from Marcus and Millichap real estate. “This is trying to change things up.”
The property between W. Sixth and Eighth streets is part of Cammeby’s Neptune/Sixth residential and commercial development, which also includes plans for a 41-story residential tower at the site of Trump Village Shopping Center. Spaces in the new office and retail center became available for leasing around six months ago, and the tenants currently include a U.S. Post Office, I and M Wines and Liquor, Danny’s Cafe Express, and Krupa Card Store. The beloved D II department store, which Coney Islanders rallied to keep at the location, will also move to the new building from the Trump Village Shopping Center. For the rest of the space, the company is seeking tenants from the medical and non-profit worlds, according to a Cammeby’s spokeswoman.
But potential occupants had better act fast, since there are only two storefront spaces still available, she said.
The 41-story apartment tower, which will be on Neptune Avenue between W. Fifth and W. Sixth streets, will also include a one-story retail center with parking on the roof. Construction began there at the end of 2017, and tenants will include CVS Pharmacy, Capital One and Apple Bank, among others, the spokeswoman said.
Getting 50 percent of the commercial space filled in roughly six months is impressive, according to Savidis, who said that Coney Island’s retail scene has been hurt by the growth of online sellers in recent years.
“I think it’s smart to put it there near the train. Retail has taken a bit of a hit,” she said. “There aren’t many rentals because of the e-commerce market.”
Savidis added that a seven-story shopping and business space is not common on the island.
“It’s unheard of,” she said. “Everything is single-story over there.”
The executive director of the Alliance for Coney Island, which champions turning the neighborhood into a year-round destination, is delighted to see tenants piling in.
“This is a great rate and we’re excited to see it open,” said Alexandra Silversmith.
There is a desire for more shopping spots on Coney Island, according to the local business booster.
“I think there is a need for more retail options in Coney Island and expect that they will be frequented,” she said.
The building’s construction is currently wrapping up, and tenants will be able to move in starting at the end of April, according to the Cammeby’s spokeswoman.