Nalcorp and Clipper Equity Acquire Coney Island Oceanfront Site for $20M in TerraCRG-Brokered Deal

New York-based real estate firms Nalcorp and Clipper Equity have acquired an oceanfront development site at 2015 Boardwalk West in Coney Island, Brooklyn, for $20 million. TerraCRG brokered the deal, with the seller identified as Bath Site LLC.

Deal Details and Site Characteristics

The land parcel, also identified as 2015 Riegelmann Boardwalk, Brooklyn, NY 11224, spans approximately 69,530 square feet and carries roughly 247 feet of frontage directly on the Coney Island Boardwalk. At the time of sale, the property was operating as a parking lot. The $20 million purchase price translates to approximately $288 per square foot of land area.

TerraCRG's Dan Marks and Daniel Lebor represented the seller in the transaction, which closed August 14, 2026. The site is identified in transaction records as Block 7072, Lot 6.

Bath Site LLC, the selling entity, is linked to Georgica Green Ventures and non-profit partner RiseBoro Community Partnership. Bath Site LLC had acquired the parcel in July 2024 for $10.4 million, meaning the site changed hands at roughly double that basis in approximately two years.

Development Plans and Entitlement Status

The Boardwalk site is part of a larger ongoing development. Zoning capacity on the site is reported to allow up to approximately 400,000 square feet of construction, placing the land cost at roughly $50 per buildable square foot based on the $20 million sale price.

Permits filed in 2024 call for a 23-story mixed-use building associated with the broader assemblage. A construction permit was issued March 26 for a 23-story tower at 3027 West 21st Street — an adjacent parcel integrated into the larger development — encompassing approximately 216,772 square feet and 205 residential apartments. A separate permit filing references a 23-story, 202-unit mixed-use building at 2015 Boardwalk West itself, with approximately 6,877 square feet of residential space and 9,368 square feet of commercial space cited in an earlier or partial filing.

Taken together, the filings indicate a phased or reconfigured entitlement strategy across the Boardwalk frontage and interior parcels, with Department of Buildings approvals already significantly advanced at the time of the acquisition.

Buyer and Seller Profiles

Clipper Equity, led by David Bistricer, is a New York-based real estate development and investment firm. Nalcorp is similarly a New York-based development and investment company. The two firms are partnering on the Coney Island project as co-sponsors.

Bath Site LLC's prior sponsors, Georgica Green Ventures and RiseBoro Community Partnership, are active in affordable and mixed-income housing development in New York City.

Market Context

The transaction highlights the scarcity of oceanfront development land in Coney Island. The site's approximately 247 feet of Boardwalk frontage and its position within an active entitlement process represent characteristics that are uncommon in the submarket. The roughly 92 percent appreciation in land value between Bath Site LLC's 2024 acquisition and the 2026 sale to Nalcorp and Clipper Equity reflects the value attributed to entitlements advanced during that period, as well as broader demand for developable oceanfront parcels in Brooklyn's outer-borough markets.

The buyers are entering a project where permitting and Department of Buildings approvals are already in progress, reducing entitlement risk as they advance toward construction on a high-rise multifamily tower with Boardwalk frontage.

Sources

TerraCRG — Nalcorp, Clipper Equity Buy Coney Island Oceanfront Development Site for $20M