Cammeby’s and Rybak announce next phase of Neptune / Sixth
Cammeby’s international group and its joint venture partner Rybak Development today announced the next phase of Neptune / Sixth, the mixed-use destination district of Coney Island.
The plans include the construction of 532 Neptune Ave., a luxury residential community comprising three separate towers and totaling 758,600 s / f of residential space, 40,368 s / f of commercial space on the ground floor and 20,722 s / f reserved for use of community facilities. The community located at 532 Neptune Avenue will provide 499 units consisting of a mix of studios, one, two and three bedroom apartments, 30% of which will be affordable housing.
Demolition of the 4.9-acre site began with construction of the new community slated for the second quarter of 2022.
“We are extremely excited to embark on the next phase of the Neptune / Sixth redevelopment and look forward to bringing another vibrant community center and destination to the Coney Island neighborhood,” said Nathan Tondow, Director of the marketing at Cammeby’s. “Along with our project partner Rybak Development, we are convinced that 532 Neptune Ave. will not only provide an incredible modern living experience for future residents, but will also serve as a vibrant and magnetic retail environment for the entire surrounding area. ”
Residents will have access to 95,000 square feet of indoor and outdoor amenity space, including a rooftop, swimming pool as well as a state-of-the-art gym, spa-style saunas and a basketball court.
In addition to incorporating a variety of plant and landscape elements, future residents of 532 Neptune will benefit from activated outdoor spaces, including a dedicated picnic area and a quarter-mile running track surrounding the property and surrounded by a green park.
In addition, 532 Neptune will offer 235,255 square feet dedicated to parking and will include 535 parking spaces. About a third of the parking spaces will be equipped to accommodate electric vehicles. As part of the development plans, the building will pursue LEED certification for a minimal environmental footprint.
“We are incredibly proud to be a part of the next phase of the Neptune / Sixth development project as we come to fruition at 532 Neptune Ave. in the months and years to come, ”said Sergey Rybak, President of Rybak Development. “The future community will provide residents with a beautiful, eco-friendly place to live in the already vibrant Coney Island neighborhood and include the best modern amenities, including expansive green spaces and a unique outdoor activation.
The construction of 532 Neptune Ave. is expected to be completed by May 2026.
As part of the larger redevelopment, previous phases of Neptune / Sixth include the successful development and leasing of 626 Sheepshead Bay Road, a state-of-the-art commercial and retail building. The seven-story, 161,000-square-foot property serves as a vibrant retail hub for the Coney Island community and has top tenants including: DII Store, I&M Liquor, Krupa Card Store, Danny’s Café Express and a branch of the United States Post Office.
Shortly after the development of 626 Sheepshead Bay Road, Cammeby’s also activated 100,000 square feet of retail and commercial space as part of the initial phases of the Neptune / Sixth redevelopment. Located at the corner of W. 6th Street and Neptune Ave., the retail center attracts thousands of daily visitors and has several popular retailers including: CVS Pharmacy, Apple Bank, NetCost Market and Brother’s Bagel.
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