Fancy a trip to the Boardwalk?

A pair of New York-based real estate development and investment firms — Nalcorp and Clipper Equity — have acquired a land parcel at 2015 Boardwalk West, an oceanfront development in Coney Island, Brooklyn, from seller Bath Site LLC for $20 million, broker TerraCRG announced Friday. 

The parking lot property, which spans 69,530 square feet and has 247 feet of Boardwalk frontage, seems to be part of a larger ongoing development on the site. Permits were filed in 2024 to build a 23-story, 202-unit mixed-use building at 2015 Boardwalk West.

The larger parcel of land home to the development was purchased in 2006 by the City Investment Fund — a real estate private equity vehicle launched by the Fisher Brothers and Morgan Stanley — from Thor Equities for $90 million. 

Following the 2006 sale, the larger parcel was subdivided into six separate tax lots, including the one part of this most recent transaction, which is called Block 7072, Lot 6. Bath Site LLC — an entity comprising Georgica Green Ventures and its nonprofit partner RiseBoro Community Partnership — acquired this property in July 2024 for $10.4 million.

Dan Marks and Daniel Lebor from TerraCRG represented Bath Site LLC in this transaction. The firm did not disclose the names of the brokers who represented the buyers. 

The buyers did not immediately respond to Commercial Observer’s request for comment, while the seller could not be reached for comment. 

“Coney Island has become one of New York City’s most exciting waterfront growth stories,” Marks said in a statement. “Ongoing public and private investment has transformed the area into one of the city’s most compelling waterfront markets. As a result, opportunities to acquire premier development sites along the Boardwalk have become increasingly limited, making this one of the most significant development transactions in the neighborhood in recent years.”

Nalcorp’s been busy in New York City, as it recently acquired three development sites in the Bronx at 517 East 132nd Street, 519 East 132nd Street and 122 Bruckner Boulevard. These lots are currently home to a variety of buildings intended for industrial and speciality uses, CO previously reported. The sites are slated to become residential developments under the 485-x tax incentive program. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com. 

Keywords: 2015 Boardwalk West, Dan Marks, Daniel Lebor, Clipper Equity, Fisher Brothers, Georgica Green Ventures, Morgan Stanley, Nalcorp, RiseBoro Community Partnership, TerraCRG, Thor Equities