Our favorite Coney blog Kinetic Carnival reported last week that the building could be in danger and that efforts should be undertaken immediately to save it.
It's directly across the Child's building of Coney Island USA. (This Child's building has already been considered for land-marking along with the Shore Theater on Surf Avenue). It's exterior is simple and insignificant but its interior is intricately beautiful. Aside from the Shore Theater it is probably the most beautiful interior of any building in the area and it is probably going to be destroyed.
They make a convincing argument by posting photographs (one of which we've borrowed, above), which make the building look like it's out of a Tsai Ming-Liang film: the sorts of beautiful ruins for which Coney Island has become known.
We second Kinetic Carnival's cry for preservation, if it helps. The neighborhood should move forward, but that doesn't mean it has to raze all indications of its past—especially the pretty ones.