BY ROSE ADAMS
Billionaire grocery store
magnate John Catsimatidis
says he still plans to expand
his luxury Coney Island apartment
complex, Ocean Drive,
despite fi nancial hardships
from the COVID-19 pandemic.
“We’ve planned to build
three more buildings,” he told
Brooklyn Paper. “The plans
are in the works, and the virus
is not affecting us. We’re waiting
for the right time.”
The three upcoming towers
will straddle the two existing
buildings on W. 36 and W.
37th streets, which opened for
leasing in January of 2020.
Ocean Drive, developed by
Catsimatidis’ Red Apple Group,
is Coney Island’s most luxurious
apartment complex. The
two-tower building boasts a 50-
foot pool and a sundeck nearly
the size of half a football fi eld
overlooking the Riegelmann
Boardwalk. Most of the 425
apartments have a private balcony
COURIER L 20 IFE, OCT. 23-29, 2020
with a view of the ocean
— thanks to the buildings’ Vshape
— and residents can access
the shared media lounge,
children’s playroom, gym, and
garage parking.
The glassy, 22-story skyscraper
contrasts the majority
working-class community
on Coney Island’s west end. To
the complex’s west is the gated
community of Sea Gate, consisting
of one- and two-story
family homes, and on its eastern
and northern sides are
several public housing complexes
and more affordable
apartment buildings.
The building is a 23-minute
walk from the closest subway
station, but Ocean Drive residents
can take a free trolley
operated by the building to
and from the terminal. The
shuttle will also stop at the
new Coney Island ferry terminal
in Kaiser Park when the
ferry starts running in 2021.
Catsimatidis said that
Ocean Drive experienced a
drop in leasing at the height of
the coronavirus pandemic, particularly
between March and
July. But by offering concessions,
such as one month of free
rent, developers have helped
get the numbers back up.
“All of a sudden in the
last few months rentals have
picked up a great deal,” he
said. “I guess people want to
get away possibly from the inner
cities, and you breath in
that ocean air, it’s virus free.”
Ocean Drive, a 22-story luxury complex, opened its doors to residents
mid-January. Red Apple Group
October rental prices lined
up with those offered in February,
with a one bedroom leasing
for $1,960 per month and a
three-bedroom going for $4,200.
A Red Apple Group rep declined
to disclose the current
occupancy of the complex, but
said that one of the towers is
nearly full, and that developers
will begin leasing apartments
in the second tower soon.
“We’re about to open the
second tower,” said Ralph Zirinsky.
The Red Apple Group already
owns the lot directly
east of the current complex,
where it plans to build another
building. Catsimatidis said he
doesn’t have a timeline yet for
construction, but emphasized
that the plans for the expansion
remain intact.
The ground fl oor of the upcoming
buildings will probably
house restaurants, Catsimatidis
said.
Coney complex rides on
Catsimatidis to continue plans to
expand Ocean Drive in Coney Island
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Dave A. Chokshi, MD, MSc
Commissioner
NYC Department of Health and Mental Hygiene
—
“