New York, NY, July 16, 2014 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of 2845 Coney Island Avenue, a unique 10,000 square foot free-standing corner retail building with onsite parking. 2845 Coney Island Avenue is the most recent addition to Infinity’s portfolio of prime urban retail properties well positioned and planned for redevelopment. The Property is located in Brooklyn’s upscale and densely populated Sheepshead Bay neighborhood on the SW corner of Coney Island Avenue and Avenue Z, immediately north of the Belt Parkway freeway exit. The 20,437 lot includes 30 parking spaces and an additional 10,000 square feet of cellar space. The Property is currently 100% occupied by longstanding discount retailer 99 Cents the Limit!, which has established itself as a neighborhood destination. The retailer will remain in place for the foreseeable future as Infinity prepares the site for redevelopment.
The Property’s prime location at the nexus of Gravesend, Midwood, Sheepshead Bay, and Manhattan Beach will provide retailers and service oriented tenants with a unique opportunity serve some of Brooklyn’s most premier communities. Further, the redeveloped Property will provide a one-of-a- kind opportunity to offer 30,000 square feet of commercial space, featuring surface parking, at an exit off the Belt Parkway, one the most heavily trafficked vehicular freeways in New York City. The future 2845 Coney Island Avenue, dubbed temporarily as “Coney Island Plaza”, is being designed as an environmentally responsible urban mixed-use commercial property, featuring sleek design, environmentally sustainable materials and building systems.
Similar to other recent acquisitions by Infinity Real Estate, the acquisition of 2845 Coney Island Avenue demonstrates the company’s desire to continue acquiring and reinventing retail properties in irreplaceable urban locations. Through the acquisition of highly visible and highly valuable urban retail sites, with large consumer appeal due to their location’s density, foot-traffic, and surrounding amenities, Infinity aims to continue serving its committed base of leading retailers as they expand their footprint in gateway urban markets throughout the United States.