Nalcorp and Clipper Equity Acquire Coney Island Oceanfront Development Site for $20 Million

Nalcorp and Clipper Equity have acquired 2015 Boardwalk West, an oceanfront development site situated directly beside the Coney Island Boardwalk in Brooklyn, for $20 million. TerraCRG exclusively represented the seller, Bath Site LLC, in the transaction, which closed around August 13–14, 2026.

Deal Details: Site Size, Pricing, and Parties

The property spans approximately 69,530 square feet of land and carries roughly 247 feet of boardwalk frontage, positioning it among the more prominent oceanfront development opportunities in Brooklyn's outer boroughs. The $20 million sale price translates to approximately $287 to $288 per land square foot. Based on an estimated development envelope of approximately 400,000 buildable square feet, the deal implies a price of roughly $50 per buildable square foot.

Bath Site LLC, an affiliate of Safehold Inc., was the seller. The entity had acquired the parcel in July 2024 for $10.4 million, meaning the site roughly doubled in value over approximately two years. David Bistricer, a principal of Clipper Equity, was identified as the buyer alongside Nalcorp in deal tracking records.

The transaction was brokered by Dan Marks, CEO of TerraCRG, and Daniel Lebor, partner and EVP of TerraCRG, who exclusively represented Bath Site LLC.

Development Program and Entitlement Status

New York City Department of Buildings filings from 2024 call for a 23-story mixed-use residential building at 2015 Boardwalk West. Permit records indicate a residential program of approximately 202 to 205 units, with roughly 216,772 square feet of residential building area. The parcel is described as a parking lot property within a broader multi-parcel oceanfront assemblage that is already moving through New York City's development review process.

The site is zoned for residential and commercial development, with property records reflecting a building class consistent with mixed-use potential. Direct boardwalk frontage and ocean views align the project with multifamily development — rental or condominium — alongside ground-floor retail or food-and-beverage uses typical of boardwalk-adjacent properties.

TerraCRG's Role and Brooklyn Market Context

TerraCRG describes itself as a commercial real estate brokerage and advisory firm focused exclusively on the Brooklyn market and has handled more than $3 billion in Brooklyn transactions. The firm covers multifamily, mixed-use, development sites, industrial, retail, and office leasing across the borough.

The near-doubling of the site's basis in roughly two years — from $10.4 million in mid-2024 to $20 million in August 2026 — reflects the perceived increase in development potential as plans for the site have advanced through the city's permitting process.

About the Firms

Clipper Equity is a New York-based real estate development and investment firm. Nalcorp is also a Brooklyn-based real estate firm. TerraCRG is a Brooklyn-focused commercial real estate brokerage.

Bath Site LLC served as the selling entity in the transaction. Dan Marks and Daniel Lebor of TerraCRG led the brokerage assignment on behalf of the seller.

Sources

TerraCRG – Press Release: TerraCRG Brokers $20 Million Sale of Oceanfront Development Site