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BFC Partners Announces Final Phase of Affordable Coney Island Project

 BFC Partners and its development team are transforming Surf Avenue in the heart of Coney Island with much-needed mixed-income housing projects. 1709 Surf Avenue marks the final phase of the project, which includes three buildings in total. This large mixed-use project is 100% affordable, delivering 464 units, onsite parking for 76 cars, a large community facility, and 12,000 square feet of retail availability.

“We’re excited to conclude this transformative development with the Phase III building,” said Don Capoccia, Managing Principal, BFC Partners. “BFC Partners has a longstanding commitment to building and preserving high quality affordable housing, and we are proud of the work we’ve done on Coney Island. Projects like these strengthen and stabilize New York City’s neighborhoods.” Once fully completed, the three buildings will have added 1,300 units to Coney Island.

“The City of New York, New York City Housing Preservation and Development (HPD), and New York City Housing Development Corporation (HDC) have been amazing partners on the first two phases of the Surf Avenue project. We are deeply appreciative of their support and look forward to working with them on this final building,” added Capoccia.

Wells Fargo has provided both debt and equity funding for both Phases I and II and will provide secured debt and equity financing for this third and final phase.

“The strong relationship we have with BFC Partners continues with our ongoing support for this 1300-unit large-scale, mixed-use, affordable development project on Surf Avenue in Coney Island. Having financed both Phases I & II, Wells Fargo has allocated debt and equity financing for Phase III which we hope to close by December 2023,” said Alan Wiener, Vice Chairman of Wells Fargo Community Lending. “We are proud of our longstanding commitment to finance affordable housing projects throughout the City and are especially pleased to be involved transformation of the Coney Island neighborhood.”

“This long-awaited housing will further strengthen Coney Island, one of the iconic neighborhoods that we celebrate in the We Love NYC campaign as a treasured destination for New Yorkers and visitors from around the globe,” said Kathryn Wylde, President & CEO, Partnership for New York City.

Completed in December 2021, Phase I at 2926 West 19th Street is a 100% affordable project that delivered 446 units to the community. Additionally, it includes a 64,000-square-foot community facility space that is the long-term home of the New York Human Resource Administration, as well as onsite parking for 96 cars.

1607 Surf Avenue, Phase II, is set to be completed in December and will deliver 376 affordable units, 12,000-square-feet of retail space on Surf Avenue, and onsite parking for 61 cars. All three buildings have allocated homes specifically for formerly unhoused New Yorkers.

“I applaud BFC Partners for all three phases of this project, as there is a critical need of building these affordable housing units in my district,” said Council Member Ari Kagan, who represents the district. “Coney Island suffered tremendously during the pandemic and the final phase of bringing hundreds more units online is a crucial step in its recovery and rebound.”

Located near the Stillwell Avenue subway station where the B, D, F, Q, and N lines converge, the new construction provides residents with direct and convenient access to all parts of New York City. Additionally, it provides BFC Partners with an avenue to support the City and State’s goals for more transit-oriented development.

“As these three affordable housing buildings evolve on Surf Avenue, it’s exciting to see this transformation of the streetscape, filling in three vacant blocks directly across from the ballpark,” said Carlo A. Scissura, Esq., President and CEO, New York Building Congress. “In addition to enriching the Coney Island neighborhood, the project will generate 500 construction jobs, and result in approximately 100 permanent jobs. With the absence of 421-a and the resulting decline in construction jobs, I see this as a great opportunity for the City to advance this project.”

This is the first project BFC Partners has launched in Coney Island; the firm is well-known as one of the most active affordable housing developers in New York City, having delivered thousands of affordable units throughout Manhattan, Brooklyn, Staten Island, the Bronx, and Queens.

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