Newswire Mann Report

LCOR Breaks Ground on Mixed-Income Housing Development at 1515 Surf Avenue 

LCOR, the fully-integrated real estate investment, development, and management company, has broken ground on its newest development at 1515 Surf Avenue in Coney Island, Brooklyn, New York. Through a partnership with Ecosave USA, the project will be the largest geothermal project in New York City’s history which will significantly reduce carbon emissions by over 60% and serve as a model for residential developments across the country.  Construction is expected to be completed in 2024.

“LCOR is committed to the long-term sustainability of communities we invest in. That includes addressing climate change and taking steps to reduce dependence on fossil fuels and towards clean energy,” said Anthony Tortora, LCOR senior vice president. “Coney Island is an ideal location to bring environmentally responsible development that will make healthy, active living along the waterfront available to families of all income levels.”

The project was awarded a grant from the New York State Energy Research and Development Authority’s (NYSERDA) Community Heat Pump System Pilot Program. A geothermal heat pump system effectively uses the earth to heat and cool the building and its domestic hot water systems, which eliminates the need for traditional equipment that runs on fossil fuels.

According to Ecosave CEO Marcelo Rouco, “The drive to reduce greenhouse gas emissions in a financially viable way begins by electrifying buildings with geothermal, which cuts energy operating expenses and carbon emissions in half.”

The site was acquired via land deal in late 2019 with the Russo family that also owns Gargiulo’s restaurant across the street and will consist of 463 apartments, including 139 affordable units and 11,000 sf of ground floor retail space.

Designed by Studio V Architecture, the project will feature an amenity package that includes an ocean-facing outdoor pool, deck and gym, multiple tenant lounges, various flex co-working spaces, an indoor basketball and handball court, over 20,000 square feet of landscaped outdoor space and accessory off-street parking.