The home of the historic wooden Cyclone roller coaster became a popular resort and amusement park destination during the 1880s, but during the 1960s it experienced a major decline in visitors. As a result, the surrounding neighborhood suffered a downturn, and bids to revitalize it came and went.
However, in 2005 a proposal by former Mayor Michael Bloomberg was approved by the Coney Island Development Corp. Now Coney Island appears poised to take its place alongside Williamsburg and Dumbo as a working-class, racially mixed enclave that’s undergoing an unexpected renewal.
After the 2008 financial crisis, “Coney Island was one of the neighborhoods hit hard by job losses,” said Jesse Kent of Derring-Do, a real estate and lifestyle communications agency.
“According to one city report, 1 in 10 jobs in the neighborhood was lost. But prices began to stabilize and grow in part due to the redevelopment efforts, such as Luna Park in 2010,” he added.
Housing prices in the neighborhood have risen steadily for the past decade. Data from real estate analytics firm NeighborhoodX showed that rentals surged from a median rent of $700 in 2008 to around $1,900 currently, an increase of about 170 percent over the course of a decade.
Alex Lavrenov, an agent at Warburg Realty, said that more than 2,000 units are expected to come to the neighborhood — which is twice as many as the 1,000 that the massive Essex Crossing development is expected to bring to Manhattan’s Lower East Side.
A new Coney Island development at 1709 Surf Ave. is expected to open in 2021 that includes a mixed-use complex now under construction, which will account for 1,000 units just on its own. There will also be 80,000 square feet of office space, and 150,000 square feet of retail space.
from Just News Viral http://bit.ly/2EVqLBR
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