Huge Coney Island complex opens lottery for 150 middle-income apartments, from $2,449/month
All renderings courtesy of NYC Department of Housing Preservation and Development
A three-tower luxury development in Coney Island opened a lottery last week for 150 middle-income apartments. Less than half a mile from the Riegelmann Boardwalk and beach, the sprawling development at 532 Neptune Avenue includes 499 apartments across three buildings and a whopping 95,000 square feet of amenities, including a rooftop, swimming pool, and a running track that encircles the property. Qualifying New Yorkers earning 130 percent of the area median income can apply for the apartments, priced from $2,449/month for studios and going up to $3,495/month for a two-bedroom.
The site of the project was formerly home to Trump Shopping Village, adjacent to the seven-building co-op apartment complex Trump Village. Developer Cammeby’s International Group purchased the site of the development as part of a 6,000-unit buy from the Trump family in 2003 for about $700 million, as The Real Deal reported.
In 2014, Cammeby’s revealed plans for Neptune/Sixth, a mixed-use development with a 40-story residential tower, which would have been the tallest residential tower in south Brooklyn at the time. The project faced backlash from residents of Trump Village over the height of the tower and over possible toxic chemicals released during construction, since the site was formerly home to a gas plant.
Cammeby’s and joint venture partner Rybak Development changed the plan from one 40-story tower to three 22-story buildings, with a total of 499 apartments. After construction began in 2022, Trump Village Section Four filed a lawsuit against the Cammeby’s and Rybak, alleging the project lacks the proper zoning.
Work continues at the site, which qualifies for the 421-a tax abatement if construction is completed by next June.
Designed by Zproekt, 532 Neptune Avenue includes a total of 758,600 square feet of residential space, 40,368 square feet of ground-floor commercial space, and 20,722 square feet set aside for community facility use.
As part of the Neptune/Sixth development, a new retail hub next to the complex has already opened, with a CVS Pharmacy, Apple Bank, NetCost grocery store, and a bagel store. A seven-story commercial development at 626 Sheepshead Bay Road includes office space and a grocery store, liquor store, cafe, and convenience store.
Apartments include a mix of studio, one-, two-, and three-bedroom apartments. Renderings show many units with balconies.
The impressive suite of amenities stretches indoors and out, with a rooftop, a heated swimming pool, a modern fitness center, spa-like saunas, and a basketball court. There’s also a dedicated picnic area and a running track encircling the property and surrounded by greenery.
There is on-site parking for 535 vehicles, with a third of parking spots able to support electric cars.
The property is close to the F train at Neptune Avenue-Van Siclen, as well as the Q train at Ocean Parkway. The real perk is being about a 10-minute walk to the beach and boardwalk, as well as all of the entertainment, fun, and food that is Coney Island.
Qualifying New Yorkers can apply for the apartments until October 14, 2025. Complete details on how to apply are available here.
Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.
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