$40 Million Asking Price On 18 Coney Island Avenue Tax Lots

The Real Deal first reported today that Massey Knakal Realty Services is heading up the sale of 18 tax lots spanning from Coney Island Avenue to Cortelyou, E 9th Street, and even a tiny bit of Ditmas Avenue. The combination of residential and commercial buildings, parking lots, garages, office space, and warehouses (see the layout here) total approximately 78,000 square feet and span over 400 feet down Coney Island Avenue.

About 298,000 buildable square feet is allotted for the construction of a community space, and 135,000 for commercial space. Combing through the lots on the Department of Buildings site, it’s clear the buyer will have a few stop work orders to contend with–and it is accident-plagued Coney Island Avenue.

Given the way the area is going, though (with recent additions Brooklyn ARTery, Bar Chord, The Highbury Pub, and Brooklyn Belly, and soon-to-come TriBeCa Pediatrics), do you think $40 million is a good investment now, or is this totally off the wall?

Photo via Google Maps