THE SPRAWLING NEPTUNE/ SIXTH DEVELOPMENT, AND SPECIFICALLY NEW TENANTS AT ITS 626 SHEEPSHEAD BAY ROAD BUILDING, SPUR EVOLUTION AND REVOLUTION FOR A ONCE CHALLENGED CONEY ISLAND COMMERCIAL SECTOR
BY TIA KIM
On August 12, Cammeby’s International Group announced several new tenants for its seven story, 161,000 square foot commercial and retail building, 626 Sheepshead Bay Road (seen above). As part of a larger Neptune/Sixth development a mix of retail, commercial, and public spaces envisioned by its developer “as a hub for the Coney Island community” an emphasis on tenant diversity was of particular importance for Manhattan based Cammeby’s. New office tenants include Grand Market International’s corporate headquarters, along with National Financial Network, Revona Properties, Unique Pain Management, and US Olimp. Additionally, construction has commenced on a new United States Postal Service location at the building’s retail base, one anchored by DII department store and also home to retailers I & M Liquor, Krupa Card Store, and Danny’s Café.
The Neptune/Sixth development is one of the largest construction projects in Coney Island history. In addition to 626 Sheepshead Bay Road, it encompasses the recently completed 100,000 square foot retail mall, 532 Neptune Avenue, scheduled to be occupied by the supermarket NetCost and other national retailers like CVS and Brothers Bagels, as well as Apple Bank.
“When embarking on the project, we wanted Neptune/Sixth to serve as a new destination for retail and businesses, as well as true economic catalyst for the neighborhood, and that’s exactly what it’s been since we opened the doors last year,” a Cammeby’s representative said in a press statement. “As a diverse collection of companies and retailers bring their business to Coney Island and Brighton Beach, the historically underserved South Brooklyn community is bucking national trends with bullish performance.”
The entire Neptune/Sixth project was designed by New York based S9 Architecture (its projects including master planning, adaptive reuse, architecture, and interior design for both Empire Stores and Industry City in Brooklyn), with a mission of adding, as it explained in a project description, “new amenities to a neighborhood that is in the midst of a renaissance… serving as a fulcrum for additional development activity.” Part of the planning impetus was an announcement earlier this year from the New York City Economic Development Corporation that a new NYC Ferry route will dock at the site by 2021. The Coney Island route will transport South Brooklynites to Wall Street’s Pier 11 in less than 40 minutes (compared to an average of 50 minutes on the subway); the run between Coney Island and Bay Ridge will take 18 minutes, another 19 minutes to reach Lower Manhattan.
“The high level of interest we’ve seen from tenants is reflective of the significant investment currently taking place within the neighborhood,” said David Ofman of The Lawrence Group, broker for the office space. “Investors such as Cammeby’s have been successful with its recent activity in the neighborhood because of their ability to tap into the specific needs of local residents and deliver businesses that the people of Coney Island want to see.”
At time of press, two storefronts remain available for lease at 626 Sheepshead Bay Road. The office portion of the building (which features large and unbroken floor plans) has less than 20 percent of its space available for lease.
Neptune/Sixth 626 Sheepshead Bay Road /