Bank Becomes Latest Retailer for New Mixed-Use Neighborhood Destination
Cammeby’s today announced that Apple Bank for Savings has recently signed a lease to become the latest retailer at Neptune/Sixth, Cammeby’s new mixed-use neighborhood destination at 532 Neptune Avenue and 626 Sheepshead Bay Road in Coney Island.
The lease will enable Apple Bank to continue servicing the Coney Island community, where it has had a presence for several years. Currently, Apple Bank is occupying temporary space at 532 Neptune Avenue while its new space within Neptune/Sixth – totaling approximately 2,800 square feet at the corner of Neptune Avenue and W. 5th Street – is being constructed.
The lease comes on the heels of Cammeby’s announcement that CVS Pharmacy has also committed to ground-floor retail space at 532 Neptune Avenue within Neptune/Sixth. Both CVS and Apple Bank had previously been tenants of the former shopping center property that Neptune/Sixth will encompass.
“We’re thrilled that Apple Bank has decided to be part of the revitalized neighborhood we’re creating at Neptune/Sixth,” stated Jacob Cohen, Executive Vice President of Development at Cammeby’s. “This lease is further validation of our original vision for this project as a modern, high-quality community development that will provide residents with a variety of important services to meet their daily needs.”
In addition to Apple Bank and CVS, Neptune/Sixth is planned to house a diverse mix of services and retail options, while adding new amenities that the community can use and share, including ample parking. The development will also feature brand new office space for a variety of businesses.
Construction on the development’s first phase – a standalone seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road – is underway, and is expected to be completed by summer 2017. Site work for the retail at Neptune Avenue – comprising 90,000 square feet – has also recently commenced.
“As a result of the commitment by both Cammeby’s and Apple Bank to working together, we were able to orchestrate a lease agreement that ensures Apple Bank’s ability to provide uninterrupted service to the Coney Island community throughout construction on Neptune/Sixth,” stated Lee Block, executive vice president at Winick Realty Group, the exclusive retail leasing agent for Neptune/Sixth. “This has historically been a very successful branch for Apple Bank and we’re very pleased to retain such a valuable business for the neighborhood.”
Designed by New York-based S9 Architecture, Neptune/Sixth is the comprehensive redevelopment of the former Trump Village Shopping Center and Royal Palace Baths. For more information, visit www.neptunesixth.com.
About Cammeby's
Founded in 1967 by Rubin Schron, Cammeby's is a privately held real estate company with a portfolio of office, residential and industrial real estate assets throughout 14 states. The company is headquartered in New York City and manages its business through operating platforms, each focused on a specific real estate asset class.
