BFC Partners Starts $189M Phase of Coney Island Project
The property will designate 57 units for formerly homeless residents.
BFC Partners has broken ground on the $189 million second phase of a mixed-use housing development that will eventually bring more than 1,000 units of fully affordable housing to the Coney Island section of Brooklyn, N.Y.
The 361,361-square-foot development at 1607 Surf Ave. will feature a 10-story, mixed-use building with 376 rental apartments, approximately 9,000 square feet of community and facility space and more than 11,000 square feet of commercial space, including a 2,500-square-foot primary care facility to be run by the New York City Health and Hospital Corp.
The project was financed through the New York City Department of Housing Preservation and Development and New York City Housing Development Corp.’s Extremely Low- and Low-Income Affordability Program and Voluntary Inclusionary Housing program.
Joseph Ferrara, principal of BFC Partners, said in a prepared statement the closing of financing and groundbreaking for the second phase of the development is a major milestone for a significant project that will play a role in the future of Coney Island.
Don Capoccia, managing principal at BFC Partners, added in prepared remarks moving forward on the second of the development’s three phases shows the company’s commitment to Coney Island and will provide the neighborhood with housing, healthcare facilities, retail and local jobs.
The development includes 94 studio apartments, 105 one-bedroom apartments, 150 two-bedroom apartments and 26 three-bedroom apartments. The property will designate 57 units for formerly homeless residents. The remaining apartments will be available to households with incomes at 40 to 90 percent of the Area Median Income, which is $42,960 to $96,600 for a family of three.
The property will have a landscaped roof deck with views of the beach and Maimonides Park, formerly MCU Park, the ballpark where the minor-league Brooklyn Cyclones play. Other amenities will include a fitness room, children’s play space, party room and tenant lounge and social space. There will be 61 above-ground parking spaces reserved for residents at an initial rate of $100 per month.
Phase One History
The first phase began in November 2018, when a trio of development firms, including BFC Partners, and city agencies broke ground on two, 16-story towers with a total of 446 residential units at 2926 West 19th St. The development, which designated 46 units for formerly homeless households, has 102 studios, 157 one-bedroom units, 104 two-bedroom units and 37 three-bedroom units. It also features 15,000 square feet of ground-floor commercial space and a 66,000-square-foot office for the New York City Human Resources Administration.
L+M Development Partners and Taconic Investment Partners teamed up with BFC Partners for the $253.9 million first phase. HDC provided a nearly $210 million construction loan and more than $77 million in tax-exempt bonds. The overall project will also benefit from low-income housing tax credits, which generated more than $64 million in tax credit equity from investors through Wells Fargo.
The third phase will be built at 1709 Surf Ave. The entire project is located two blocks from the Stillwell/Coney Island subway stop and two blocks from the Coney Island Boardwalk.
More Affordable Projects
BFC Partners has been developing high-quality affordable, mixed-income and market-rate housing since 1984. Last week, the firm teamed up with Selfhelp Community Services to break ground on 475 Bay St., a 270-unit fully affordable development in Staten Island, N.Y. The $151 million project totals 250,173 square feet and includes 138 units for formerly unhoused seniors.
BFC Partners was also part of the development team that built Stonewall House, New York State’s first LGBT-friendly affordable elder housing property. Stonewall House, which has 154 units, opened in December 2019.