Cammeby’s Completes Office-Retail Building in Brooklyn
The 161,000-square-foot property is 50 percent leased and is part of the larger Neptune/Sixth project that will feature more retail and apartments in a nearby 42-story tower.
By Gail Kalinoski
626 Sheepshead Bay Road
Nearly six years after Hurricane Sandy hit Brooklyn’s Coney Island hard, the community has a new flood-resistant, seven-story, 161,000-square-foot mixed-use building featuring office and retail space at 626 Sheepshead Bay Road. Developed by privately held real estate company Cammeby’s, the structure is part of the $300 million Neptune/Sixth project that will also feature more retail and apartments in a nearby 42-story tower.
The building is 50 percent leased with office tenants including mortgage lender Hartford Financial Services, a real estate development firm and a security consulting company. Retail tenants include neighborhood department store DII Stores, I&M Liquor, Krupa Card Store, Danny’s Café Express and a branch of the United States Post Office.
“We wanted 626 Sheepshead Bay Road to be a catalyst for the neighborhood. The building is meeting a need for modern commercial and retail space in Coney Island, and we are proud to have been at the forefront of identifying this opportunity and addressing the demand,” Jacob Cohen, executive vice president at Cammeby’s, said in a prepared statement.
Designed by New York-based S9 Architecture, the structure has a curtain wall that uses a frit pattern to echo the look of surrounding red brick buildings. Floor-to-ceiling windows offer views of Coney Island’s Luna Park, the Cyclone roller coaster, Manhattan skyline and the Verrazano-Narrows Bridge. Designed to be flood-resistant and be compliant with new post-Hurricane Sandy regulations, the building’s first-floor retail portion was constructed on top of a four-foot raised platform. It is further protected against flooding by a ring of hyper-durable, flood-proof ‘aquarium’ glass, giving it a modern glass-and-steel aesthetic while meeting stringent FEMA regulations, according to Cammeby’s.
“We are Brooklyn-based and it’s been exciting to watch the area recover from Hurricane Sandy and flourish. It has been a pleasure to work with the community to bring this project to life and we are looking forward to working together on subsequent phases of the Neptune/Sixth development as part of our commitment to South Brooklyn,” Cohen added.
More Neptune/Sixth Plans
The second component of Neptune/Sixth is 532 Neptune Avenue, which is currently under construction on the site of the former Trump Village Shopping Center and Royal Palace Baths. The one-story retail portion, known as Phase One, is scheduled for completion in the first quarter of 2019. Retail tenants that have signed leases include regional supermarket NetCost Market, Capital One Bank, CVS Pharmacy and Apple Bank. Demolition to prepare Phase Two, the residential rental tower, is scheduled for the second quarter of 2019.
In June 2017, Cammeby’s selected Suffolk as the construction manager for the mixed-use project that will include 547 rental apartments, ample parking and outdoor landscaping and seating areas.
Elsewhere in Brooklyn, Standard Tinsmith Supply recently sold a mixed-use asset in the Bushwick neighborhood as a conversion opportunity to CW Realty. The $11.5 million deal was brokered by Cushman & Wakefield. The transaction comprises two tax lots at 333-335 Irving Ave. and has 400 feet of total street frontage. Located near the Myrtle Avenue retail corridor, the properties could be used for retail and residential purposes.
Images courtesy of Peter Dant Photography
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