John Catsimatidis Updates YIMBY On Red Apple Group’s Massive Coney Island Project

Surf Avenue3514 Surf Avenue, by Hill West Architects

Back in January, YIMBY posted a new rendering for Red Apple Group’s 3514 Surf Avenue, in Coney Island. Since then, we’ve spoken with the site’s developer, John Catsimatidis, who offered an even fresher image of the project, as well as some additional insight into what’s happening across the neighborhood and Brooklyn.

YIMBY in bold.

What’s going on in Coney Island, what makes it exciting for you as an investment opportunity, and where do you see the neighborhood heading in the near future?

I think New Yorkers love ocean views, they love the ocean, they love the water, they love to
breathe in the ocean air, and we’re putting up two beautiful buildings that you could open up
your terrace door and breathe all that in. I don’t think they’re making anymore oceanfronts, so I think this is going to be unique and people will love it.

Have you seen the City take any measures to defend Coney Island from future events like Hurricane Sandy, and as those kinds of things continue happening more frequently, what steps do you think we need to take to protect the increasingly dense oceanfront? 

We are building [3514 Surf Avenue] to a degree where worst possible scenario, it has no effect. We’re putting all emergency equipment on higher floors, we’re making it harder, we’re making the windows to withstand 200 mph winds, it’s going to be comprehensive.

From the point of diversity, I think it’s not perfect, but you have a lot of affordable housing in
Coney Island, I think that we’re putting up middle class housing. I’m certain that it adds to the quality of the neighborhood, and adds to diversity, you know, you need a little bit of everybody.

When is 3514 Surf Avenue opening?

I would say we’re trying to do the spring or summer of 2019

How about Myrtle Avenue [86 Fleet Place]?

It’s open. We’ve rented 19 apartments already.

86 Fleet Place

86 Fleet Place. Rendering by Hill West Architects.

That is the final part of your downtown Brooklyn assemblage, correct?

That’s the final part of Myrtle Avenue, yes.

Do you own anything additional in the neighborhood?

No, but we’re looking for opportunities.

What do you think comes next for Downtown Brooklyn, and now that you’ve completed all of your projects there, whats in store for the neighborhood? 

I think Brooklyn is getting a lot of competition, from Long Island City, and Astoria, so going forward in Brooklyn, you better buy land for the right price. Otherwise you have to compete with Queens.

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