Catsimatidis v. The Ocean

In this report, we look at a real estate development project of mayoral candidate John Catsimatidis.

Catsimatidis is working on building three waterfront residential towers, with some commercial space, on Surf Avenue between West 35th and West 37th Street in Coney Island.  From our review of public records, entities controlled by Catsimatidis purchased the property in 2008, for a purchase price of approximately $33.5 million.  The project has been winding it’s way through the City approval process, with an estimated start date in 2013.

Hurricane Sandy made the challenges of waterfront development acutely clear.  How will Catsimatidis’s project fare?  Watch.

Be sure to also watch our report on Arverne East, an oceanfront development in Rockaway, for a look at another post-Sandy approach to waterfront development in New York City.