Tredway, Gilbane Development Company, And ELH Mgmt. Acquire Multifamily & Development Site In Coney Island For $150M

The multifamily property and development site located at 2930 West 30th Street, 2970 West 27th Street, and 2828 West 28th Street in Coney Island has been sold. The property, consisting of 818 units, was purchased by Tredway, Gilbane Development Company, and ELH Mgmt. from the seller, Arker Companies. The transaction was facilitated by brokers Victor Sozio, Shimon Shkury, Benjamin Vago, and Remi Mandell of Ariel Property Advisors. The sale price for the property was $150,000,000, with a per unit price of $183,374. The total square footage of the property is 961,043, resulting in a price per square foot of $156.

Summary of transaction details:

• Property Type: Multifamily & Development Site
• Transaction Amount: $150,000,000
• Units: 818
• Price per Unit: $183,374
• Square Footage: 961,043
• Price per Square Foot: $156
• Market: Coney Island

Tredway, Gilbane Development Company, and ELH Mgmt. were the buyers of the property, while Arker Companies served as the seller. The transaction was successfully negotiated with the assistance of brokers Victor Sozio, Shimon Shkury, Benjamin Vago, and Remi Mandell from Ariel Property Advisors. This deal marks an important acquisition within the Coney Island market.