BROOKLYN, N.Y. — BFC Partners has closed on a $250 million construction loan to build the third and final phase of a three-building affordable-housing project along Surf Avenue in Coney Island. Loan specifics were not disclosed. The total project cost is approximately $700 million.
This final phase, known as 1709 Surf Avenue, will include 420 new affordable units, bringing the total across all phases to 1,242 affordable homes. Project partners include the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corp. (HDC) and Citi Community Capital. Construction is slated for completion in 2028. Income restrictions across the three buildings range from 30 to 130 percent of area median income.
The second phase of the Coney Island projects,1607 Surf Avenue, was completed in 2024, and its 376 units are 100 percent leased and occupied. Phase I was completed in 2021, with 446 units that are now fully occupied.