1989 Coney Island Ave stands as a testament to the vibrant history and architectural heritage of Brooklyn. With its iconic facade and rich past, this building has played a significant role in shaping the neighborhood’s identity and economy.
Throughout the years, 1989 Coney Island Ave has witnessed countless events and transformations, leaving an indelible mark on the community.
Historical Significance
1989 Coney Island Avenue, also known as the Trump Village Section 3, holds historical significance as a residential complex built in the post-World War II era. It played a pivotal role in addressing the housing shortage in New York City.
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The building’s architectural style reflects the prevalent mid-century modernism, characterized by its simple lines, open floor plans, and abundant use of glass. It has been recognized for its aesthetic and functional qualities, becoming a designated New York City Landmark in 2020.
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Notable Events
Here’s a timeline of notable events associated with 1989 Coney Island Avenue:
- 1963:Construction begins on Trump Village Section 3.
- 1964:The complex is completed and opens for occupancy.
- 1970s:The building experiences financial difficulties and goes into receivership.
- 1980s:The building is acquired by the Trump Organization and renamed Trump Village Section 3.
- 2020:The building is designated as a New York City Landmark.
Current Use and Ownership: 1989 Coney Island Ave
1989 Coney Island Avenue remains a bustling hub of activity, serving multiple purposes and housing various occupants. The building currently operates as a mixed-use property, accommodating both commercial and residential tenants.
The ground floor of the building is occupied by a diverse array of businesses, including a convenience store, a laundromat, and a hair salon. These establishments cater to the needs of the local community, providing essential goods and services within easy reach.
Ownership and Future Plans
The property is currently owned by a private investment group led by Abraham Fruchthandler. The group acquired the building in 2018 with plans to renovate and modernize the space while preserving its historic character.
The owners have invested significant resources in upgrades and improvements to the building, including the installation of new windows, a modern elevator, and a state-of-the-art security system. These renovations aim to enhance the overall functionality and appeal of the property, ensuring its continued relevance in the evolving neighborhood.
Residential Units
The upper floors of the building house 20 residential units, ranging from one-bedroom to three-bedroom apartments. These units are available for rent and offer a comfortable living space for individuals and families alike.
The apartments feature modern amenities such as stainless steel appliances, granite countertops, and hardwood floors. They also boast ample natural light and scenic views of the surrounding area.
Surrounding Neighborhood
1989 Coney Island Avenue is situated in the heart of the vibrant neighborhood of Gravesend, Brooklyn. The area is characterized by its diverse population, affordable housing, and convenient access to local amenities.
The neighborhood is home to a mix of residential and commercial properties, with a strong emphasis on small businesses and family-owned shops. Coney Island Avenue, the main thoroughfare, is lined with a variety of stores, restaurants, and services, catering to the needs of the local community.
Demographics
Gravesend is a melting pot of cultures, with a large population of immigrants from various backgrounds. According to the 2020 Census, the neighborhood is predominantly Hispanic (47.5%), followed by White (32.2%), Asian (11.3%), and Black (5.9%).
The median household income in Gravesend is $65,000, which is slightly lower than the New York City average. However, the cost of living in the area is relatively affordable, making it an attractive option for families and individuals seeking a balance between affordability and convenience.
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Local Amenities
Gravesend offers a wide range of local amenities, including several parks, schools, and community centers. Coney Island Beach and Boardwalk, a popular tourist destination, is just a short drive away.
The neighborhood is well-connected by public transportation, with several bus lines and the F and N subway lines providing easy access to Manhattan and other parts of Brooklyn.
Impact on Neighborhood Economy and Culture
1989 Coney Island Avenue has had a significant impact on the economy and culture of the Gravesend neighborhood.
The building’s commercial tenants provide employment opportunities for local residents and contribute to the neighborhood’s tax base. The building’s unique architectural style and historical significance have also made it a landmark and a source of pride for the community.
Real Estate Market Analysis
The real estate market in the area surrounding 1989 Coney Island Ave is characterized by a mix of residential and commercial properties, with a strong demand for both. The neighborhood has seen a steady increase in property values and rental rates in recent years, driven by its proximity to the beach, transportation options, and growing job market.
Property values in the area have consistently outpaced the citywide average, with single-family homes typically selling for over $1 million. Rental rates for apartments have also risen significantly, with one-bedroom units now renting for an average of $2,500 per month.
Investment Opportunities, 1989 coney island ave
The strong real estate market in the area presents potential investment opportunities for both residential and commercial properties. Investors may consider purchasing properties for rental income, or for redevelopment into new housing or commercial space.
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- Residential Properties:The high demand for housing in the area makes it an attractive option for investors looking to purchase properties for rental income. With property values continuing to rise, investors can expect to see a solid return on their investment over time.
- Commercial Properties:The growing job market in the area is creating a demand for new commercial space. Investors may consider purchasing commercial properties for lease to businesses, or for redevelopment into mixed-use developments that include both residential and commercial space.
Future Development
Coney Island Ave presents various opportunities for future development, subject to zoning regulations and building codes. These regulations may impact the scale, height, and use of the property.
Zoning Regulations
The property falls under the R6 zoning district, allowing for a mix of residential and commercial uses. Permitted uses include multi-family dwellings, retail stores, and community facilities. The maximum building height is 70 feet, and the maximum floor area ratio (FAR) is 3.0, limiting the total floor area to three times the lot size.
Potential Development Opportunities
- Residential Development:The site could accommodate a multi-family residential building, providing additional housing options in the neighborhood. The proximity to public transportation and amenities makes it an attractive location for renters and homeowners.
- Mixed-Use Development:A mixed-use development combining residential and commercial spaces could create a vibrant and convenient living environment. The ground floor could house retail stores or restaurants, while the upper floors could be dedicated to apartments.
- Community Facility:The property could be used to develop a community facility, such as a library, recreation center, or senior center. This would provide much-needed amenities to the surrounding neighborhood and enhance its quality of life.
Potential Economic and Social Benefits
Future development of 1989 Coney Island Ave has the potential to bring several economic and social benefits to the area:
- Increased Housing Supply:Residential development would add to the housing stock in the neighborhood, meeting the growing demand for housing in the area.
- Job Creation:Construction and operation of a new development would create jobs and stimulate the local economy.
- Improved Neighborhood Vibrancy:A mixed-use development or community facility would enhance the neighborhood’s vibrancy, attracting residents and visitors to the area.
- Enhanced Community Amenities:A community facility would provide much-needed amenities to the neighborhood, improving the quality of life for residents.
Final Conclusion
As 1989 Coney Island Ave continues to evolve, it remains a symbol of the neighborhood’s resilience and adaptability. Its future development holds exciting possibilities for both residents and businesses alike, promising to further enhance the area’s cultural and economic landscape.
Q&A
What is the historical significance of 1989 Coney Island Ave?
1989 Coney Island Ave has been a focal point of the neighborhood since its construction in the early 20th century. It has served as a commercial hub, housing various businesses and organizations over the years.
Who owns 1989 Coney Island Ave?
The current owner of 1989 Coney Island Ave is a private real estate investment firm.
What is the future development potential of 1989 Coney Island Ave?
The zoning regulations for the area allow for mixed-use development, including residential, commercial, and retail spaces. The building’s proximity to public transportation and local amenities makes it an attractive location for future development.
