As NYC Ferry expands to Coney Island, Ocean Drive offers beachfront living from $1,714/month (3 months free rent)

By CityRealty Staff | From Brooklyn Thursday, April 28, 2022

All images of Ocean Drive via Red Apple Group

With Memorial Day weekend just one month away, warmer weather will begin to beckon Big Apple residents to Tri-State beaches and other recreational sites across the region. The storied Brooklyn peninsula Coney Island has long been chief among them. Luna Park and Deno's Wonder Wheel opened for the season at the beginning of April 2022, and area businesses are seeking to fill over 400 positions ahead of the busy summer season; a two-day hiring event is taking place on May 9-10 at the Coney Island Amphitheater.

While not quite the destination it was during its heyday at the turn of the 20th century, city officials and local developers have invested billions of dollars to reinvigorate this sandy slice of New York City in the wake of a 2009 rezoning that allows for a year-round amusement and entertainment district as well as new housing, retail, and services. Departing from its historical distinction as a world-class amusement zone, the next chapter of Coney Island continues a trajectory of serving as a high-density mixed-use residential community with a popular beach and amusement parks mixed in.

The largest recent project to come online is called Ocean Drive, a two-tower, 21-story development built by Gristedes supermarket magnate John Catsimatidis. His real estate arm, Red Apple Group, debuted the project at 3514 Surf Avenue in January 2020 (unlucky timing), and it continues to offer very seductive rents in an inventory-starved city with record rent prices.

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While there were concerns that the new development will increase rents and detrimentally affect Coney Island's character, Mr. Catsimatidis maintains that Ocean Drive is middle-class housing. To that end, current availabilities start at $1,714/month for studios, $2,138/month for one-beds, and $3,146/month for two-beds, and $4,421/month for three-beds. (Yes, the starting price of a three-bedroom in the complex is lower than some Manhattan studios.) Advertised prices include the ongoing concession of three months of free rent on 12-month leases.

With Coney Island's famous beach and boardwalk just a stone's throw away, residents are well-positioned to head to the beach and into the waves once the lifeguards return to duty. Inside, the unique tilt of the building allows over 95 percent of the 425 units to look out onto direct ocean views. However, other vistas that include the Manhattan skyline, Coney Island’s historic amusement district, and the Verrazzano-Narrows Bridge are not to be overlooked. All apartments feature oversized windows with solar shades, white oak floors, in-unit washer/dryers, and chic, modern baths. The kitchens come equipped with Silestone countertops, white lacquer cabinetry, and a full suite of Whirlpool stainless steel appliances. Many units also have private terraces.

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Ocean Drive's extensive suite of indoor and outdoor amenities rivals those of some luxury Manhattan buildings. A 25,000-square-foot oceanfront sun deck houses an outdoor kitchen, putting green, bocce court, children’s play area, screening area, and telescopes to look out on the horizon. Indoor offerings include a fitness center, 50’ pool with men’s and women’s locker rooms, children’s playroom, and lounge with fireplace, library, billiards table, and catering kitchen.

In addition to an attended parking garage and bike room, Ocean Drive offers trolley service to public transportation, which includes the D/F/N/Q trains. Additionally, the New York Ferry expansion includes a Coney Island stop that is set to launch this year. The complex's retail space is expected to house a new restaurant and a D'Agostino supermarket, both of which will benefit the surrounding community in addition to residents.

NYC Ferry 2022 Expansion. The new Coney Island stop will debut in late 2022 after being delayed due to environmental concerns. (https://www.brooklynpaper.com/coney-island-ferry-launch-delayed-late-2022/)

The NYC Ferry is planning to build a landing in Coney Island in the coming years

Ocean Drive took shape amidst an ongoing building boom that brought over 2,000 new housing units to Coney Island in the wake of Superstorm Sandy. Its design by Hill West features a wave-form design - highly appropriate given its waterfront location - and was a contender for the American Institute of Architects’ Brooklyn + Queens Design Award. Mr. Catsimatidis was said to be inspired by Miami Beach residential towers.

Mr. Catsimatidis' plan for Ocean Drive includes three more towers on the lot directly east of the complex, but has run into difficulties. Locals have objected to the new wave of Coney Island development on grounds of environmental concerns and fears of gentrification, and former City Councilmember Mark Treyger has said that he wouldn't have approved the size of the first Ocean Drive buildings because of fears of affordability. Mr. Catsimatidis has hinted that he would redirect his money to Florida if the city did not allow him to expand Ocean Drive, but there has been no word on this yet.

Ocean Drive NYC in September 2019 (Ondel/CityRealty)

Big Apple Management

Big Apple Management
Ocean Drive
1 & 2 Ocean Drive,
New York, NY 11224

(718) 449-XXXX

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