BFC breaks ground on next phase of Coney Island affordable project

Three-phase development to deliver more than 1K units

New York /
Jan.January 25, 2022 12:45 PM

BFC Partners managing principal Donald Capoccia and renderings of 1607 Surf Avenue on Coney Island (BFCNYC)

BFC Partners is forging ahead on an affordable housing project that will bring more than 1,000 units to Coney Island.

The developer announced this week it has broken ground on the second phase of the project at 1607 Surf Avenue. This phase includes the construction of a 10-story mixed-use building with 376 affordable housing units. The building will also include 20,000 square feet for commercial and community use, as well as a primary care facility run by New York City Health + Hospitals.

The building will be include studio, one-, two- and three-bedroom apartments. A majority of the units will be available to those earning an income of 40 percent to 90 percent of the area median income. Additionally, 57 units are reserved for formerly unhoused households.

BFC is receiving financing for the Brooklyn project from the Department of Housing Preservation and Development.

The first phase of the Coney Island project is complete. The building at 2926 West 19th Street includes 400 affordable housing units and five retail spaces, Crain’s reported. Households earning 30 percent to 130 percent of the area median income can rent units, which range from $367 to $2,502 per month.

The $189 million project spans 361,000 square feet and is entirely affordable. According to Multi-Housing News, the third phase of the project will unfold at 1709 Surf Avenue. It’s not clear when that will begin.

BFC has more affordable housing plans in the works on one of New York City’s actual islands.

The developer earlier this month closed on the site at 475 Bay Street in Staten Island’s Stapleton neighborhood. Plans for the site were first filed in May 2020, but some of the project’s specifications have changed since.

BFC is planning a 250,000-square-foot development, entirely devoted to affordable housing. Of the planned 269 units, 131 are slated for tenants with a household income at or below 80 percent of the area median income, while the other 138 units will be for formerly unhoused seniors with incomes at or below 30 percent of the area median income.





    Related Articles

    arrow_forward_ios
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    More and more homebuyers and investors are coming to the negotiating table with cash in hand. (iStock)
    In cities, “starter homes” getting more difficult to find
    In cities, “starter homes” getting more difficult to find
    Charles Cohen of Cohen Brothers Realty Corporation with 975 Anderson Hill Road in Rye Brook, NY (Google Maps, Wikipedia)
    Charles Cohen eyeing Rye Brook redevelopment
    Charles Cohen eyeing Rye Brook redevelopment
    (iStock, Illustration by Shea Monahan for the Real Deal)
    As lawmakers race to electrify buildings, industry pushes back
    As lawmakers race to electrify buildings, industry pushes back
    Gov. Kathy Hochul (Getty, iStock)
    With 421a dying, apartment project financing “has come to a stop”
    With 421a dying, apartment project financing “has come to a stop”
    Madison Realty Capital's  Zach Kadden with 364 Bay Street (LinkedIn, Loopnet)
    Madison Realty Capital plans 100 small apartments, a NYC rarity
    Madison Realty Capital plans 100 small apartments, a NYC rarity
    1277 East 14th Street, 45-57 Davis Street and 575 Grand Street (StreetEasy, Google Maps, iStock)
    Mighty Midwood bookends top outer-borough loans
    Mighty Midwood bookends top outer-borough loans
    From left: Michael Stern, founder and CEO, JDS Development Group; Parham Javaheri, chief property development officer, Life Time; and 9 DeKalb Avenue (JDS Development Group, Life Time, SHoP Architects, iStock)
    Life Time takes 100K sf in JDS’ Brooklyn Tower
    Life Time takes 100K sf in JDS’ Brooklyn Tower
    arrow_forward_ios

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

    Loading...