BFC Partners Completes Third Phase of Ambitious Project with 420 100% Affordable Units in Coney Island

Strategic Insights -

BFC Partners, in partnership with the New York City Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC), Citi, and Goldman Sachs, held a groundbreaking ceremony for the third phase of their ambitious project at 1709 Surf Avenue in Coney Island. This final phase will deliver 420 new 100% affordable residential units, completing the firm's goal of bringing 1,242 affordable homes to the seaside community. The project is scheduled to be completed in 2028.

Key Takeaways:

  • The third phase of the project at 1709 Surf Avenue will deliver 420 new 100% affordable residential units, bringing the total number of affordable homes developed by BFC to over 1,200.
  • The project is a partnership between BFC Partners, HPD, HDC, Citi, and Goldman Sachs, with Citi providing construction debt and long-term equity.
  • The development is located near the Stillwell Avenue subway station, providing residents with direct access to all parts of New York City.
  • The project supports the City and State's goals for more transit-oriented development and will make the neighborhood a more livable and vibrant community.
  • BFC Partners is committed to building and preserving high-quality affordable housing, with a focus on revitalizing communities and improving the lives of residents.
  • The developer has completed two previous phases of the project, with 1607 Surf Avenue completed in 2024 and 446 units fully occupied, and Phase I completed in 2021 with 376 units fully occupied.

Statistics:

  • 420 new 100% affordable residential units will be delivered in the third phase of the project.
  • The total number of affordable homes developed by BFC will be over 1,200.
  • 160 units are nearly 100% leased and occupied in Phase II, with only a few units remaining.
  • 446 units are fully occupied in Phase I.
  • The project will be completed in 2028.
  • Citi has provided construction debt and long-term equity to finance the project.

Sources:

  • BFC Partners
  • New York City Department of Housing Preservation & Development (HPD)
  • New York City Housing Development Corporation (HDC)
  • Citi
  • Goldman Sachs
  • Barbara Wagner, Principal, BFC Partners
  • Justin Brannan, City Council Member
  • Antonio Reynoso, Brooklyn Borough President
  • Leila Bozorg, Executive Director for Housing
  • Ahmed Tigani, Acting HPD Commissioner
  • Eric Enderlin, HDC President