Real Estate Weekly
Image default
Construction & Design

BFC Partners Close On 2nd Phase Of 360,000 Sf Coney Island Project

BFC Partners today announced the closing and groundbreaking for the second phase of their project at 1607 Surf Avenue in the Coney Island neighborhood of Brooklyn, New York. The 361,361 square foot development will include the construction of a new ten-story mixed-use building containing a total of 376, 100% affordable rental units, roughly 9,000 square feet of community and facility space and over 11,000 square feet of commercial space, with 2,500 square feet dedicated to the New York City Health and Hospital Corporation (HHC) to establish a small primary care facility on location. The project was financed through the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC)’s Extremely Low- and Low-Income Affordability Program and Voluntary Inclusionary Housing program. In total, the cost of development for the project is approximately $189 million. Renderings of the project can be found HERE.

“We are thrilled to break ground on Phase Two of our Coney Island development,” said Don Capoccia, Managing Principal, BFC Partners. “This development shows our commitment to Coney Island and ensuring communities have all the resources they need to thrive from housing and health care facilities to local jobs and retail. We are looking forward to working with our neighbors as we bring this project to life.”

“The Coney Island development will ultimately bring more than 1,000 new affordable homes to the heart of Coney Island. Phase two will bring nearly 400 affordable homes in addition to commercial space and a new primary care facility that will benefit the community at large,” said Acting HPD Commissioner AnnMarie Santiago.  “I want to thank our dedicated staff at HPD, BFC Partners, HDC, HHC, and elected officials for helping to build a more affordable, vibrant, and sustainable Coney Island.” 

Coney Island rendering

“HDC is proud to provide critical financing to support the creation of these 376 affordable homes – 57 of which will be designated to formerly homeless New Yorkers. Along with an onsite health care center, and additional community facility and commercial space, this project stands poised to benefit the Coney Island neighborhood for generations,” said HDC President Eric Enderlin. “Congratulations to all our partners on reaching this pivotal stage in the development of 1607 Surf Avenue.”

Coney Island rendering

“The residents of Coney Island deserve high-quality patient-centered care in a newly renovated family care facility. I am pleased to be able to continue delivering these vital health care services to this community for years to come,” said NYC Health + Hospitals/Coney Island CEO Svetlana Lipyanskaya.

The development includes 94 studio apartments, 105 one-bedroom apartments, 150 two-bedroom apartments, and 26 three-bedroom apartments. 57 homes have been designated for formerly homeless households with the remaining homes available to households with incomes at 40%-90% of the Area Median Income, which is $42,960 to $96,600 for a family of three.

“This is a major milestone, and we are grateful to HPD, NYC H+H and our local partners in helping support such a significant project,” said Joseph Ferrara, Principal, BFC Partners. “Coney Island has a rich history and we are very happy that we get to play a role in its future.”

Amenities for the project include a landscaped roof deck with views of the beach and the ballpark, a fitness room, children’s play space, a party room and a tenant social space/lounge. Additionally, there will be 61 above-ground parking spaces reserved for tenants at an initial rate of $100 per month. 

“COVID-19 has ravaged America, hurt countless small businesses and deepened the affordable housing crisis. The pandemic has hit Coney Island hard, and we must all do everything in our power to get the people who live on the peninsula through these challenging times. The 1607 Surf Avenue project will bring good-paying jobs, affordable housing and quality healthcare to the West End of Coney Island. It is a big win for South Brooklyn,” said Congressman Hakeem Jeffries.

“Today is a great day for Coney Island. It has been a long time since we rezoned for the future and we are one step closer to more affordable housing and economic opportunities,” said State Senator Diane J. Savino, 23rd District.

“I’m thrilled that the next phase of this project is beginning and will bring hundreds of below-market apartments to Coney Island. It’s exciting to see Surf Avenue transform and attract more investment, housing and jobs to our neighborhood. I look forward to seeing this project move forward and will work closely with the community, BFC Partners and the city to ensure that residents benefit from the continued growth of Coney Island,” said Assemblymember Mathylde Frontus, 46th District.  

“Among many things, this project is enhancing our community’s access to much-needed resources on the peninsula, specifically affordable housing, a primary care facility, and local jobs. This is good news for Coney Island. Current residents will be able to work in their neighborhood, we will have great affordable housing options for needy residents, and most importantly people will be able to come here and stay here,” said Councilman Ari Kagan.

“The Community Board #13 is pleased to see the affordable units being built at this site.  We look forward to work with the new residents,” said Lucy Acevedo, Chairperson, Community Board #13.

(Visited 1 times, 1 visits today)

Related posts

Racanelli Construction Company, Inc. Completes Construction of The Brotherhood Sister Sol Community Center in Harlem

REW

CEREMONY MARKS GROUNDBREAKING OF BRIDGE ROCKAWAY DEVELOPMENT

REW

New 750,000-SF built-to-suit distribution facility coming to Windsor, CT

REW