The tide is high for BFC Partners to finally make a move on a Coney Island affordable housing project.
Eric Adams’ administration announced it would be partnering with BFC on the development at 1709 Surf Avenue. The city is providing $90 million in subsidies for the project — Coney Island Phase III, in city parlance — and the New York City Housing Development Corporation is issuing bonds to support a $116 million construction loan.
The latest Coney Island development will feature 420 units — all affordable — 11,000 square feet of commercial space and 9,700 square feet for a community facility.
This project isn’t entirely new. Donald Capoccia’s firm filed plans for a 12-story building with 430 apartments and 2,800 square feet of commercial space on the same site back in 2023, according to the Department of Buildings. Construction was expected to begin the following year.
BFC did not immediately respond to a request for comment from The Real Deal about the two-year gap for obtaining financing.
The city also announced that it would work with the Settlement Housing Fund to build 178 affordable units for the Coney Landing Project at 2952 West 28th Street. That project will include 108 units of supportive housing for tenants earning 30 percent of the area median income or below, as well as 62 units of affordable housing available for tenants earning 60 percent of the AMI or below.
The development is part of a larger vision for Coney Island that will bring roughly 1,100 homes to the area. Phase I crossed the finish line two years ago with 446 affordable units, while Phase II added another 376 units last year.
The city is also investing $42 million to redevelop the local sports center, hunting for a design-build team to assist with renovations for both the facility and the boardwalk.
In February, the mayor’s office issued a request for proposals for a developer to build a 500-unit project on Surf Avenue between West 21st and 22nd Streets. A quarter of the units would need to be designated for affordable housing and the project would also include ground-floor retail.
In Tuesday’s announcement, the city said it hoped to have a developer in place by the end of the year.
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