Starrett Corp.’s development arm has snagged roughly $77.1 million in construction financing for a 200-unit rental property in Coney Island.
The New York State Housing Finance Agency provided the loans to Starrett and the Sea Rise Housing Development Fund Corporation, according to property records.
Starrett filed plans in July to build a roughly 160,000-square-foot project on Coney Island at the corner of Neptune Avenue and West 33rd Street. The building will stand 14 stories tall and likely feature amenities including bike storage, a recreation room and a 110-space parking garage.
Coney Island is seeing a flurry of development activity. Elsewhere along Neptune Avenue, Ruby Schron’s Cammeby’s International Realty is erecting a 40-story mixed-use tower — slated to be the second-tallest building in Coney Island. And PYE Properties is converting the Coney Island Shore Theatre at 1301 Surf Avenue into a seven-story hotel.