BFC Partners has closed on a construction loan for 1709 Surf Ave., the third and final phase of their three-building project along Surf Avenue in Coney Island, Brooklyn. This final phase will deliver 420 new affordable, residential units, bringing the total across all phases to 1,242 affordable homes to the seaside community and $693.6 million of investment.
With a total development cost of over $250 million for 1709 Surf Ave., the New York City Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC) and Citi have partnered with BFC toward the completion of this third phase. Construction is scheduled to conclude in 2028.
“Closing on and starting construction of the third and final phase of this transformational development along Surf Avenue in Coney Island marks a major milestone for our team,” said Joseph Ferrara, principal, BFC Partners. “We are proud to continue investing in the future of this vibrant community and are especially grateful to our city partners and to Citi for their unwavering support and collaboration.”
Located near the Stillwell Avenue subway station, the new construction provides residents with direct and convenient access to all parts of New York City.
“We are especially proud of our work in Coney Island, where projects like this play a vital role in strengthening and stabilizing New York City’s neighborhoods,” said Donald Capoccia, principal, BFC Partners. “Whether through new construction or rehabilitation, our investment and dedication to New York City and to communities throughout is strong.”
The second phase of the Coney Island projects,1607 Surf Ave., was completed in 2024 and its 376 units are nearly 100% leased and occupied. Phase I was completed in 2021 and its 446 units are fully occupied.
