Coney Island housing complex gets $21M to stay affordable

New York /
Nov.November 02, 2009 06:19 PM

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.

The agreement was reached after intensive talks between a number of local politicians and city agencies, including Representative Jerrold Nadler, Brooklyn Borough President Marty Markowitz and State Senator Diane Savino. Under the agreement, $15 million will come from the city department of Housing Preservation and Development, while the remaining funds will come from other sources.

The grant is the largest ever allocated through the Mitchell Lama program by HPD.

Officials said the funds will be used to replace brickwork, windows and the building rooftops.

“The buildings are in terrible shape,” said the official.

HPD officials were not immediately available for comment.


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Cammeby’s secures $58M loan for 9-story LES resi building
Cammeby’s secures $58M loan for 9-story LES resi building
Cammeby’s secures $58M loan for 9-story LES resi building
Placeholder image
Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower
Cammeby’s taps Suffolk Construction for Coney Island’s tallest tower
Housing Expert Shaun Donovan on his Bid for NYC Mayor
Shaun Donovan can do housing. Can he do politics?
Shaun Donovan can do housing. Can he do politics?
The Woolworth Building at 233 Broadway (Getty)
What office tenants pay at Witkoff & Cammeby’s Woolworth Building
What office tenants pay at Witkoff & Cammeby’s Woolworth Building
Parkoff Organization's Adam Parkoff and Robert Trump with 8700 25th Avenue in Brooklyn (Google Maps, Getty)
Parkoff picks up portfolio previously owned by Donald Trump’s brother
Parkoff picks up portfolio previously owned by Donald Trump’s brother
New York City Council Speaker Corey Johnson and Mayor Bill de Blasio (Getty)
City’s housing plan suffers major blow in “painful” budget
City’s housing plan suffers major blow in “painful” budget
A rendering of The Dime at 209 Havemeyer Street in Brooklyn (Credit: Fogarty Finger)
New city rule requires luxury rental buildings to house homeless families
New city rule requires luxury rental buildings to house homeless families
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...