The oceanfront lot is located at 271 Seabreeze Avenue, adjacent to the Coney Island boardwalk and Seaside Park, and is zoned for residential, hotel or senior living space, The Real Deal reported. The owners, American Development Group, acquired the property in 2006 for $13.8 million and have been looking to sell for more than a year. The developer spent $4.5 million to lay the foundation for the building, which could hold up to 183 hotel rooms or 153 apartments and 102 parking spaces, but the company failed to get funding after the recession.
ERG Property Advisors is marketing the site. American Development Group put the lot up for auction last May but did not receive a satisfactory asking price, according to The Real Deal. The developer then retained Massey Knakal Realty Services, which priced the property at $14.9 million, then reduced it to $11.95 million.
“We couldn’t do the project we had hoped to do because of financing constraints,” American Development Group’s head of investments Brian Lockner told The Real Deal. “We felt we could have built condos very successfully for the Russian community” in Brighton Beach and Coney Island, Lockner added.
The firm had also considered building a rooftop terrace on the lower floors with a tennis court and penthouses with infinity pools looking over the ocean.