By now, I am sure that every New Yorker has heard something about the Coney Island re-development plans and its never ending turmoil. Although it may be frightening for some and exciting for others, we have a news flash for those of us living in the surrounding areas: the Brighton neighborhood is a few steps ahead of these Coney Island guys. The Little Rus' team decided to run a little investigation of our own and chalk up the number of developments happening right in the backyard of the amusement park, and our results are astonishing! We found over 17, thats right 17, new condo/apartment projects that have either recently been finished or are in the process of going vertical (aka under construction). And you thought the west side of Manhattan was booming! Keep in mind, this is all within about a four block radius (See Map).
Our guess is that in anticipation of the major re-zoning of Coney Island, some developers have jumped the gun and already started projects. That being said, we shall see how these projects perform and their affect on the Brighton Beach community. Overall, we expect to see some major price drops in the next 6-12 months as these projects come to market which is partially due to the recent tightening up of the mortgage lending industry. However, the Oceana complex was a major hit among the Russian community and has gone through two to three series of price increases (starting range was $400k-1.5M, is now $600k-2.8M). The Oceana's success may be misleading though, as it is an enormous complex that has gyms, pools, clubhouses, and is enclosed by gates. Also, it was probably one of the first new condo projects to come to market in this area to replace the extremely old stock of housing.
Anyhow, we are committed to monitoring the housing situation as these new projects finish one by one and we will make our best effort to report on each development.
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