Massive apartment complex
slated for Gargiulo’s parking lot
BY ROSE ADAMS
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 fi nished 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 fl oor 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
COURIER L 22 IFE, DECEMBER 11-17, 2020
avenues, Brooklyn Paper
fi rst 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
the 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 fi rm isn’t the only developer
to fl ock to the People’s
Playground. Over the last several
years, high-rise apartments
have sprouted up across
the neighborhood, including
John Catsimatidis’ 22-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 fulltime
population.”
Gargiulo’s will remain
open throughout construction
and after the towers are built,
according to LCOR.
GOING UP: A block-long apartment complex across from Gargiulo’s Restaurant
on W. 15th Street will reach 26 stories high. LCOR
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