BFC Partners Starts $189M Phase of Coney Island Project

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The property will designate 57 units for formerly homeless residents.

BFC Partners has broken ground on the $189 million second phase of a mixed-use housing development that will eventually bring more than 1,000 units of fully affordable housing to the Coney Island section of Brooklyn, N.Y.

The 361,361-square-foot development at 1607 Surf Ave. will feature a 10-story, mixed-use building with 376 rental apartments, approximately 9,000 square feet of community and facility space and more than 11,000 square feet of commercial space, including a 2,500-square-foot primary care facility to be run by the New York City Health and Hospital Corp.

The project was financed through the New York City Department of Housing Preservation and Development and New York City Housing Development Corp.’s Extremely Low- and Low-Income Affordability Program and Voluntary Inclusionary Housing program.

Joseph Ferrara, principal of BFC Partners, said in a prepared statement the closing of financing and groundbreaking for the second phase of the development is a major milestone for a significant project that will play a role in the future of Coney Island.

Don Capoccia, managing principal at BFC Partners, added in prepared remarks moving forward on the second of the development’s three phases shows the company’s commitment to Coney Island and will provide the neighborhood with housing, healthcare facilities, retail and local jobs.

Original Source: Multi-Housing News, Read Full Article Here

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