Coney Island and nearby areas such as Brighton Beach, neglected for decades, may be experiencing a real estate boom in the near future.
As an example, CNBC mentions the 21-story, 425-unit Ocean Dreams development owned by developer John Catsimatidis.
Management consultant John Boyd said that demand for such developments will come from millennials, “nostalgic baby boomers” who enjoyed Coney Island during the 1950s and ’60s, Russian investors and people from the nearby Russian immigrant community.
In 2005 after a rezoning proposal was approved by then-Mayor Michael Bloomberg, Coney Island appeared headed in the same direction as Williamsburg and DUMBO. However, after the 2008 financial crisis, the neighborhood was hit hard by job losses, CNBC said.
