2015 Boardwalk West trades for $20M

Overview

On August 12, 2026, 2015 Boardwalk Property Owner LLC paid $20 million for a 69,530-square-foot oceanfront parking lot at 2015 Boardwalk West in Coney Island, with an accompanying $17.5 million mortgage from Valley National Bank recorded the same day. TerraCRG, which represented both buyer and seller, announced the sale the day it closed; Commercial Observer, Crain's New York Business, and Patch all independently confirmed the price and parties. The buyers are Nalcorp and Clipper Equity, two New York-based real estate firms; the seller, Bath Site LLC, is an affiliate of real estate investor Safehold Inc.

The parcel -- officially Block 7072, Lot 6, with 247 feet of Boardwalk frontage -- is one of six tax lots carved from a larger site the City Investment Fund (a vehicle launched by Fisher Brothers and Morgan Stanley) bought from Thor Equities for $90 million in 2006. It isn't established in Hush Street's sourcing when Bath Site LLC itself acquired this specific lot. Permits were filed in 2024 for a 23-story, 202-unit mixed-use building on this specific lot, according to Commercial Observer (see Sources and Records below for a separate, larger unit count tied to this site elsewhere in Hush Street's coverage, not yet reconciled).

TerraCRG broker Dan Marks, who represented both sides of the sale, called it "one of the most significant development transactions in the neighborhood in recent years," citing shrinking availability of Boardwalk-front development sites as Coney Island's waterfront market has strengthened. Nalcorp has been active elsewhere in the city as well, recently acquiring three Bronx development sites (517 and 519 East 132nd Street, and 122 Bruckner Boulevard) slated for residential redevelopment under the state's 485-x tax incentive program.

A $20 million sale of one of the last available Boardwalk-front development sites in Coney Island, bought with $17.5 million in acquisition financing by two active New York development firms -- part of a broader wave of investment TerraCRG's own broker called one of the most significant deals in the neighborhood in recent years.

Parties Involved 3 recorded

Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.

Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.

Property & Project