Sheepshead Bay waterside site on market for $3.65 million

May 21, 2012 Brooklyn Eagle Staff

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By Linda Collins

Brooklyn Daily Eagle

SHEEPSHEAD BAY — The asking price for a waterside development site on Emmons Avenue in Sheepshead Bay is $3.65 million — for the land only. Water rights (known as riparian rights) and an existing pier can be purchased separately, according to Elliot Bogod of A&I Broadway Realty, who has been retained by the property owner, along with associate broker Greg Litman.

“We’ve had a few inquires and a couple of site tours since we started marketing it two weeks ago,” said Bogod. “We have a strong interest from a Manhattan developer who is getting a construction estimate.”

The owner considered multiple uses allowed under the current zoning, C2-2, according to Bogod, who said the owner believes that the best use is a hotel/restaurant and has thought about creating a 38-room hotel with 240-seat restaurant.
“But he also has a set of plans for a residential condominium building,” he said. “That and the possibility to build a marina and use the pier for a large vessel would offer a lot of options to the prospective buyer.”

The site, including the land and 230-foot timber pier has never been offered for sale before, according to Bogod, who said it was a former Casino New York location.

“It had a gambling license during Mayor Giuliani’s administration and offered a great potential for a developer or as a gambling vessel site,” he said.

According to Bogod, the Windjammer Hotel is adjacent to this parcel and Emmons Avenue has seen the development of several luxury condo and rental projects.

“This property is the last large developable piece of land that is offering a very wide waterfront and a timber pier,” he said. “The pier was approved by the departments of Army and Navy and it took over a year to build using the best maritime technologies available.”