The final component of a three-building project that will bring a total of 1,300 fully affordable apartments to Coney Island is getting ready to kick off. Developer BFC Partners announced plans for 1709 Surf Avenue, which will welcome 464 units, 12,000 square feet of retail availability, a community facility, and onsite parking for 76 cars. The entire mixed-use development will transform a section of Surf Avenue with commercial space, community centers, and much-needed affordable housing.
Phase one, located at 2926 West 19th Street, was completed in December 2021 and brought 446 units, parking for 96 cars, and 64,000 square feet of community facility space to the neighborhood. It is also the long-term home of the New York Human Resource Administration. Phase two, which is scheduled for completion in December and located at 1607 Surf Avenue, will deliver 376 affordable units, 12,000 square feet of retail space, parking for 61 cars, and a new primary care clinic to be operated by New York City Health and Hospital Corporation. All three buildings have allocated homes specifically for formerly unhoused New Yorkers.
“Projects like these strengthen and stabilize New York City’s neighborhoods,” said Don Capoccia, Managing Principal at BFC Partners. “The City of New York, New York City Housing Preservation and Development (HPD), and New York City Housing Development Corporation (HDC) have been amazing partners on the first two phases of the Surf Avenue project. We are deeply appreciative of their support and look forward to working with them on this final building.”
Construction on phase three is anticipated to begin in December and wrap up some time in 2026. Wells Fargo has provided both debt and equity funding for phases one and two and will provide secured debt and equity financing for the final phase.