Trump Village Tower 5 in Coney Island Sells for $148M, Sets Summer Record

• Trump Village Section 5 sold for $148 million on June 25, 2024.
• The 23-story tower sits at 2940 West 5th Street, Coney Island.
• The deal was brokered by Ariel Property Advisors and includes 1,144 units.

Trump Village Section 5, a towering 23-story co-op built in 1964 and designed by architect Morris Lapidus, just fetched $148 million in a sale closed Tuesday, June 25, according to Ariel Property Advisors, which brokered the deal. The new owner, a syndicate led by Brooklyn-based investor Isaac Chetrit, is betting big on the southern Brooklyn market at a time when major institutional money is still hugging the Manhattan core.

The property, located at 2940 West 5th Street between Sea Breeze Avenue and Surf Avenue, holds 1,144 residential units, making it one of Coney Island’s largest apartment complexes. Board president Mark Finkelstein confirmed to NYC Pulse that the sale proceeds will help the co-op fund overdue capital repairs to elevators and heating systems. Residents voted overwhelmingly in favor of the sale at a meeting in late May, citing aging infrastructure and mounting maintenance costs as key concerns.

This deal dwarfs other summer transactions in the borough, including a $55 million multifamily package in Sunset Park and a $39 million land sale on Sheepshead Bay Road earlier this month. The Trump Village towers—originally developed by Fred Trump, Donald Trump’s father—have long anchored Coney Island’s skyline, but Section 5 remained independently owned and operated by its co-op board until now. The buyer plans only modest upgrades and says no major displacement of residents is planned, per a statement sent to NYC Pulse.

Frequently Asked Questions

Who bought Trump Village Section 5 and what are their plans?

A syndicate led by Brooklyn investor Isaac Chetrit acquired the 23-story building. The group plans to invest in building-wide repairs and upgrades to common areas, without large-scale renovations or resident displacement. Existing tenants can expect progressive improvements, particularly to elevators and heating.

What makes this sale significant for South Brooklyn?

At $148 million, it is the most expensive real estate deal in South Brooklyn for summer 2024, far outpacing recent sales in Sunset Park and Sheepshead Bay. The size—1,144 units—and the building’s history as a Fred Trump development underscore its prominence in Coney Island’s housing landscape.

Will residents face higher maintenance fees or rent increases?

Board president Mark Finkelstein says the sale proceeds are meant to offset capital repair costs, which could help limit maintenance fee hikes in the short term. The new owners have stated plans for only modest upgrades and no current intention to convert units or increase rents beyond standard annual adjustments.