Neptune/Sixth, a mixed-use destination neighborhood in New York’s Coney Island, will soon enter its next phase with the construction of a 532 Neptune Ave., a residential building with 40,000 square feet of retail space.
Cammeby’s International Group and joint venture partner Rybak Development has announced the luxury residential property will feature more than 499 residential units: studios, one-, two- and three-bedroom apartments. Thirty percent of the units will be earmarked for affordable housing.
Many amenities
Construction is scheduled to start in the second quarter of 2022, after demolition work at the 4.9-acre site. Completion is slated for the late spring of 2026.
The 95,000-square-foot amenity space at 532 Neptune Ave. will include a dedicated picnic area and a quarter-mile-long running track surrounded by a green park.
Developers will pursue LEED certification for a minimal environmental footprint. One third of the 533 parking spaces will support electric vehicle charging.
Among the previous milestones at Neptune/Sixth was the successful development and lease-up of 626 Sheepshead Bay Road, which serves as a vibrant retail center for the Coney Island community. The leading retail tenants that comprise the hub include DII Store, I & M Liquor, Krupa Card Store, Danny’s Café Express and a U.S. Post Office branch. After the completion of 626 Sheepshead Bay Road, Cammeby’s activated 100,000 square feet of retail and commercial space that represented an initial phase of the Neptune/Sixth redevelopment. The shopping center includes retailers CVS Pharmacy, Apple Bank and NetCost Market, as well as Brother’s Bagel.
