The Real Deal New York

Coney Island gets $69M development for homeless vets

State grants help fund 135-unit building

September 15, 2016 12:20PM

Rendering of the new building at 3003 West 21st Street (credit: Concern for Independent Living)

Rendering of 3003 West 21st Street in Coney Island (credit: Concern for Independent Living)

A supportive housing developer is building a 120,000-square-foot apartment building for homeless veterans in Coney Island. The state Office of Mental Health is funding a portion of the $69 million development at 3003 West 21st Street.

Of the building’s 135 studio and one-bedroom units, 82 will be set aside for homeless veterans and the remainder will be rented out to those making up to 60 percent of area median income. Long Island-based The Concern for Independent Living is developing the project in partnership with Georgica Green Ventures. Construction will begin soon, Crain‘s reports.

Apart from state support, the developers also landed $26 million worth of low-income housing tax credits from BNY Mellon and the National Equity Fund.

The development is merely the first phase of a larger, 400-unit-plus development on surrounding lots.

Building more supportive housing for New York’s homeless has been a priority for the de Blasio administration. And on Tuesday, Gov. Andrew Cuomo announced financial awards to the developers of 1,200 supportive housing units as part of a five-year, $2.6 billion plan. The Concern for Independent Living was one of the award recipients. [Crain’s]Konrad Putzier

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