BFC Partners held a groundbreaking at 1709 Surf Ave., the third and final phase of its project along Coney Island’s oceanside avenue. This final phase will deliver 420 new affordable residential units, completing the firm’s goal of bringing 1,242 affordable homes to the seaside community. All of the homes are 100% affordable.
Surf Avenue will rise on what was an underutilized surface parking lot and formerly city-owned parcels of land. The New York City Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC), Citi and Goldman Sachs partnered with BFC on the development, scheduled to be completed in 2028.
“Beginning construction on this site brings us one step closer to completing our goals of transforming a large strip of iconic Surf Avenue into 100% affordable, spacious and attractive housing that individuals and families will be proud to call home,” said Donald Capoccia, principal at BFC Partners. “We are especially grateful to our city partners and to Citi for their unwavering support and collaboration. Together, we’re building lasting affordability, opportunity and impact for Coney Island.”
The second phase of the Coney Island projects,1607 Surf Avenue, 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.
“The need for more affordable housing in our neighborhoods has never been greater, and that’s why I’m proud to be on hand for this momentous groundbreaking. We fought hard to make Coney Island III a reality. This is a big step in the march towards affordability for our community and all New Yorkers,” said City Council Member Justin Brannan.
