From left, Brooklyn Beep Marty Markowitz, State Sen. Diane Savino, Rep. Jerrold Nadler

City officials announced a $21 million deal today to renovate the Luna Park housing complex in Coney Island, under an agreement that would keep the apartments in the Mitchell Lama affordable housing program for another 20 years.

The agreement ends years of controversy about the Coney Island co-op complex. A number of shareholders at the 1,600-unit development had been actively considering a plan to go private, with some actively pushing for a feasibility study on whether to exit the Mitchell Lama program.

“It was a poignant moment for us to preserve the affordability [of Luna Park],” said one local official, who asked not to be identified.

Several other Mitchell Lama buildings in the Coney Island area have gone private in recent years, including Ocean Towers, a 360-unit development that was sold for $5.9 million to Cammeby’s International in 2007. [more]