A major Coney Island, Brooklyn residential project is set to advance to another stage in development. New York City Mayor Eric Adams has announced a partnership with BFC Partners Development LLC that will add another 420 affordable homes, as part of Phase III of the project.
Phase III, located at 1709 Surf Avenue, will also include roughly 9,700 square feet of community space and 10,700 square feet of commercial space. To support the efforts, Adams' administration is providing a $90 million subsidy, while New York City Housing Development Corp. will support a $116 million construction loan through the issuance of bonds.
Coney Island Phase I was completed in 2023, delivering 446 affordable housing units, 66,000 square feet of office space and 15,000 square feet of retail. The next portion sets aside an additional 376 units (57 for the homeless), 9,000 square feet of community space, a 2,500 square foot health care facility and 11,000 square feet for retail. It's unclear if Phase II has been completed, but the total project aims to deliver more than 1,200 homes to Surf Avenue.
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Additionally, Adams announced that the city is teaming up with nonprofit Settlement Housing Fund Inc. to build 178 supportive and affordable houses, as part of a separate nearby development, known as the Coney Landing Project. The city will subsidize $100 million for this project, which includes bonds for a construction loan.
Since Coney Island was approved for rezoning in 2009, the area has seen more than 3,400 new homes. The neighborhood, known for its entertainment district, has received $750 million in public investments over the past decade and a half, which includes upgrades to the streets and sewers, as well as revamps to the amusement space.
“Finding a home in Coney Island should not be a rollercoaster ride," Adams said in a statement.
“Along with tens of millions of dollars for new streets, sewers, and a renovated ice rink, these homes will make sure that Coney Island is not only a great place for families to spend time together but also a great place to live as well.
Also, other boroughs have seen recent investments in affordable housing. Last week, Adams announced an agreement with Related Companies for phase two of a massive $32 billion mixed-use housing project, Hudson Yard West, in Manhattan. The second portion of the development will include a total of 4,000 homes, with at least 625 getting designated as affordable. Another is 5 Times Square, which will transform from a 38-story skyscraper into 1,050 studio apartments and 200 one-bedroom units. Up to 313 units will be permanently designated as affordable.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
