BFC PARTNERS, ALONG WITH HOUSE DEMOCRATIC LEADER HAKEEM JEFFRIES, COUNCILMEMBER JUSTIN BRANNAN, ASSEMBLYMEMBER ALEC BROOK-KRASNY CELEBRATE WITH RIBBON CUTTING FOR 100% AFFORDABLE HOUSING AT 1607 SURF AVENUE IN CONEY ISLAND

One of the largest affordable housing developments in Coney Island will bring 1,300 much-needed homes to the community upon completion

BROOKLYN, N.Y., Oct. 29, 2024 /PRNewswire/ -- Today, House Democratic Leader Hakeem Jeffries, along with New York City Officials joined BFC Partners to celebrate the grand opening of 1607 Surf Avenue, a new affordable housing development in the heart of Coney Island, Brooklyn. Developed in partnership with, L+M Development Partners LLC. and Taconic Investment Partners, the newly constructed building, designed by S9 Architecture and Engineering, brings 376 100% affordable rental units to the community, as well as 11,000 square feet of retail space, 9,000 square feet of community space, and a 2,500-square-foot primary care facility operated by NYC Health + Hospitals.

The development, part of the second phase of BFC Partners' three phase Coney Island project, offers modern, affordable housing options and essential services to the neighborhood. The 10-story building was made possible through the support of several key city programs, including the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation's (HDC) Extremely Low & Low-Income Affordability (ELLA) Program and Voluntary Inclusionary Housing Program. Financing was provided by Wells Fargo.

"12 years ago, our community was hit hard by Superstorm Sandy on this very day. But Coney Island is a resilient community, and we know that a setback is nothing more than a setup for a comeback," said House Democratic Leader Hakeem Jeffries (NY-08). "Superstorm Sandy was a setback, but the Coney Island community continues to come back. This affordable housing development will ensure that low-income families, working families and moderate-income families in this community can remain here and continue to make the Coney Island neighborhood one of the greatest in the world."

"We are thrilled to welcome residents to 1607 Surf Avenue (formerly referred to as Coney Island II), marking a significant milestone in our ongoing efforts to positively impact communities and build quality affordable housing in New York City," said Winthrop Wharton, Partner, BFC Partners. "The addition of 376 much-needed homes at this building is a key step in our broader vision to deliver 1,300 homes by the final phase of the project. This highlights the strength of public-private partnerships and our dedication to delivering vital housing and resources to the community."

This marks BFC Partners' inaugural project in Coney Island, solidifying their reputation as one of the most active affordable housing developers. The project is divided into three phases: Coney Island I (2926 West 19^th Street), II (1607 Surf Avenue), and III (1709 Surf Avenue). The three buildings will collectively provide 1,300 affordable housing units. Additionally, the mixed-use development will feature a 2,500 square- foot NYC Health + Hospitals primary care facility. Each building also includes designated units specifically for formerly unhoused New Yorkers.

Located near the Stillwell Avenue subway station where the B, D, F, Q, and N lines converge, the new construction provides residents with direct and convenient access to all parts of New York City. Additionally, it provides BFC Partners with an avenue to support the City and State's goals for more transit-oriented development.

"The second phase of the Coney Island mixed-use development delivers hundreds of new affordable homes, along with a new primary care facility that will further improve healthcare access in the neighborhood," said Eric Enderlin, President, HDC. "Amid our city's unprecedented housing shortage, HDC is proud to join our partners in financing projects like Coney Island Phase II to meet the urgent housing needs of New Yorkers."

"We are proud to be part of the partnership that will bring 1,300 new affordable apartments to iconic Coney Island," said HPD Commissioner Adolfo Carrión, Jr. "Investing in 1607 Surf Avenue is part of a broader strategy to build more housing in every neighborhood, embrace creative, sustainable approaches to confront the housing shortage, and improve the quality of life of the host community."

"I commend BFC Partners for reaching this important milestone in Phase II of its Coney Island project," said Council Member Justin Brannan. "As a native New Yorker dedicated to this city and particularly to this borough, I'm thrilled to witness these buildings taking shape and providing affordable housing for New Yorkers, including those who were previously unhoused."

"On behalf of the NYS Assembly, I welcome Coney I, II and III at 1607 Surf Avenue. This development will provide living options for people with limited finances. Thank you BFC Partners for developing 100% affordable housing, a primary care facility, retail and community space in the Coney Island area," said Assembly Member Alec Brook- Krasny, NYS 46th Assembly District.

"We are pleased that BFC has 100% affordable units for Coney Island II," said Jeff Sanoff, Community Board 13 Chairperson. "We welcome the new residents to our neighborhood and hope they will be involved with the community."

"Wells Fargo congratulates BFC Partners, L+M Development Partners and Taconic, on the completion of the Coney Island Phase 2 affordable housing development. This project represents a significant step forward in providing much needed affordable housing to the area and contributing to community revitalization while also enhancing the quality of life for residents," said Page Travelstead, Managing Director, Community Lending and Investment, Wells Fargo. "Through our long-standing partnership with BFC Partners, Wells Fargo remains committed to enhancing community development and affordable housing."

"On behalf of our partners at Taconic and Newmark, we are proud to be a part of the addition of much needed affordable housing in Coney Island," said Charles Bendit, co-Founder and co-Chief Executive Officer, Taconic Partners. "We have been part of this story of neighborhood growth since 2004 and are happy to see it continuing with the addition of this great project."

"We are thrilled to celebrate the opening of Phase 2 of the Coney Island project. Now, combined with Phase 1, more than 820 families can access affordable housing in this iconic Brooklyn neighborhood. L+M is proud to continue our partnership with BFC Partners and Taconic Investment Partners to deliver the Coney Island project and bring vital resources to the community, such as the 2,500 square- foot NYC Health + Hospitals primary care facility in Phase 2 and the 6,400 square-foot New York Human Resource Administration office in Phase 1," said Elaine Braithwaite, Managing Director, L+M Development Partners.

"We're excited to see the development team bring essential housing to our community," said Donna Price, a Social Service Provider, RiseBoro Home4Good Program. "This initiative will greatly help us fulfill our mission of ensuring long-term housing stability for individuals recently transitioned from homelessness, by providing economic and housing support at Coney Island II."

Please see a link to pictures of the event here: Link to photos.

About BFC Partners
BFC Partners is a full-service, real estate development firm that creates community-first, urban development solutions. Since 1984, BFC has been at the forefront of developing high quality affordable, mixed-income, and market rate housing. We are dedicated to revitalizing communities and improving the lives of our residents and neighbors. As leaders in the field, our government, financial, and community partners seek us out to help start new programs and undertake complicated projects. For more information, please visit: https://www.bfcnyc.com/

The New York City Department of Housing Preservation and Development (HPD) promotes quality and affordability in the city's housing, and diversity and strength in the city's neighborhoods - because every New Yorker deserves a safe, affordable place to live in a neighborhood they love. We maintain building and resident safety and health, create opportunities for New Yorkers through housing affordability and engage New Yorkers to build and sustain neighborhood strength and diversity. HPD is entrusted with fulfilling these objectives through the goals and strategies of Housing Our Neighbors: A Blueprint for Housing and Homelessness, Mayor Adams' comprehensive housing framework. To learn more about what we do, visit nyc.gov/hpd and connect with us on Facebook, Twitter, and Instagram @NYCHousing. 

The New York City Housing Development Corporation (HDC) seeks to increase the supply of multi-family affordable housing, stimulate economic growth and revitalize New York City's neighborhoods. We are charged with helping to finance the creation and preservation of affordable housing for New Yorkers and also serve as the key financing partner in the rehabilitation of our city's public housing stock under the NYCHA Permanent Affordability Commitment Together (PACT) initiative. As the nation's largest municipal Housing Finance Agency, HDC consistently ranks among the nation's top issuers of mortgage revenue bonds for affordable multi-family housing. For additional information, visit www.nychdc.com and follow us on LinkedIn.

SOURCE BFC Partners

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED