BFC Partners Moves to Phase III of Brooklyn Project
Once completed, the project will bring 1,242 affordable housing units online across multiple phases of development.
BFC Partners has received a $250 million construction loan for a 420-unit building at 1709 Surf Ave. in Coney Island. The project, the third and final phase of a larger affordable housing development in Brooklyn, N.Y., adds to an already-online 822 affordable units. It is expected to be finished in 2028.
Approximately $694 million has already been invested previously to bring the three-building, 1,242-unit affordable housing community to life. BFC partnered with the New York City Department of Housing Preservation & Development, the New York City Housing Development Corporation and Citi for this phase.
READ ALSO: All Eyes Fixed on Federal Housing Proposals
In addition to bringing 420 affordable housing units to the area, phase three of the development will also include 10,700 square feet of commercial space and a 9,700-square-foot community facility. The New York City Housing Development Corporation is issuing bonds that support a $116 million construction loan for the development. Last week, the Adams administration shared that it will provide the project with an additional $90 million subsidy as part of a commitment to providing more affordable housing opportunities to the area.
The project at 1709 Surf Ave. is also a way for the city to provide Brooklyn with more transit-oriented developments. The location at 1709 Surf Ave., is located near the B, D, F, Q and N subway lines, with future residents having access to all of the five boroughs by train.
Phases I and II
The previous phases of the project were finished in 2021 and 2024, respectively. The first building is located at 2929 West 19th Street, and has 446 affordable apartments. Construction began in 2018, with L+M Development Partners and Taconic Investment working together with BFC Partners on the project.
Phase II began construction in early 2022 at 1607 Surf Ave. S9 Architecture and Engineering designed the 376-unit, $189 million tower. Residences are reserved for former homeless individuals and families making between 40 to 90 percent of the Area Median Income.
Affordable housing moves across NYC
Other affordable housing projects in New York City are being delivered and planned. In May, the New York City Council approved the Atlantic Avenue Mixed Use Plan, a rezoning effort that calls for the development of 1,900 affordable housing units. The bigger project will bring 4,600 multifamily units within the borough.
Mayor Adams also announced that the city was partnering with Settlement Housing Fund Inc. to build an additional 178 affordable housing units as part of the Coney Island Landing project that is currently underway in Brooklyn.
A joint venture between Silverstein Properties and Metro Loft Developers is looking to provide the city with office-to-residential conversions to develop more than 2,000 units of affordable housing in Hell’s Kitchen. 500 of the proposed residences will be permanently affordable. The partnership is scouting out potential locations with a heavy focus on the West Side.
