BFC Partners has announced the third and final phase of a mixed-use housing development that will bring more than 1,300 units of fully affordable housing to Coney Island’s Surf Avenue, in New York City’s borough of Brooklyn.
The final phase will deliver 464 affordable units, approximately 12,000 square feet of retail space, a large community facility and 76 parking spaces. The City of New York, New York City Housing Development Corp. and New York City Housing Preservation and Development are the other main partners involved in the project. Wells Fargo will provide secured debt and equity financing for the final phase of the development after having secured both debt and equity for the previous two.
Located at 1709 Surf Ave., the property is rising near the Stillwell Avenue subway station. The Surf Avenue project is within walking distance of the Coney Island Boardwalk.
Phases I and II
Developed by BFC Partners, L+M Development Partners and Taconic Investment Partners and designed by Handel Architects, the first phase of the project comprises 446 units, a 64,000-square-foot community facility space and 96 parking spaces. Completed in 2021 at 2926 W. 19th St., the development encompasses two 16-story towers.
Upon its expected completion this year, the Phase II development designed by S9 Architecture and Engineering will deliver 376 affordable units. The 361,361-square-foot development located at 1607 Surf Ave. will also feature 12,000-square-feet of retail space, approximately 9,000 square feet of community and facility space, 11,000 square feet of commercial space and 61 parking spaces.
The $253.9 million first phase received a $210 million construction loan and around $77 million in tax-exempt bonds. The $189 million second phase was financed through the New York City Department of Housing Preservation and Development and New York City Housing Development Corp.’s Extremely Low- and Low-Income Affordability Program and Voluntary Inclusionary Housing program.
