Property Overview Recognizing the local government's comprehensive planning strategy to foster the resurgence of New York City's waterfront through a major master plan and rezoning initiative, Taconic acquired significant property along Surf Avenue in Coney Island.

The two holdings comprise Coney Island North Venture and Coney Island South Venture. The North Venture consists of three city blocks on the North side of Surf Avenue totaling nearly 109,000 square feet. One block from the beach, these parcels include vacant or under-improved land. Coney Island South Venture encompasses 5.5 acres on the south side of Surf Avenue, interspersed over four blocks along the beachfront, and is also comprised of vacant or under-improved land totaling nearly 240,000 square feet. Most of the south parcels are owned outright and one is controlled through a long-term leasehold.

In September 2003 the City of New York formed the Coney Island Development Corporation to oversee master planning and redevelopment of Coney Island. It is charged with spearheading and implementing a comprehensive planning process and creating a coordinated economic development strategy for the area, led by the New York City Economic Development Corporation.

Since 2006, Taconic has been working on a proposal to revitalize the area in conjunction with the Economic Development Corporation, the Department of City Planning, and other government agencies to rezone the parcels to permit residential and retail uses as well as parking. While the City's plans will progress over the next several years, the potential for Coney Island's resurgence and reinvigorated economy is extremely bright.

In light of the recent significant investment and public mandate to revitalize Coney Island and develop sites along the Atlantic Ocean - combined with overall demographic and housing trends throughout Brooklyn - the Coney Island properties are extremely well positioned to be one of the more important development sites in New York City.

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