BFC Partners secures $250 million loan to fund Coney Island apartment tower

Story Highlights  BFC Partners secured $250 million loan for Coney Island project.  Final tower will add 420 affordable units to Brooklyn.  Project's completion will bring 1,200 affordable homes to neighborhood.

BFC Partners closed a $250 million construction loan for the third and final tower of its three-building project in Coney Island, Brooklyn. The apartment building at 1709 Surf Ave. will deliver 420 new affordable units to the neighborhood. With the completion of this final phase, the project will have brought more than 1,200 affordable homes to the neighborhood and nearly $700 million in investment. Coney Island Phase III will also include about 10,700 square feet of commercial space and 9,700 square feet of community facility space. Multiple local organizations have partnered with BFC to complete this third phase, including the New York City Department of Housing Preservation & Development, the New York City Housing Development Corp. and Citi Community Capital. Earlier this month, New York City Mayor Eric Adams announced his administration would provide a $90 million subsidy to the project. Additionally, HDC issued bonds to support a $116 million construction loan for the tower.

“Our mission is as clear as it is urgent: to ensure that every New Yorker has a safe, stable and affordable place to call home,” said Ahmed Tigani, HPD acting commissioner, in a statement. “Delivering over 420 new affordable homes on Coney Island is an opportunity to invest in a community with deep roots, to support an area with enduring cultural significance to our city’s history and help households citywide have more opportunities to thrive in more places across the five boroughs.”

The new construction in Brooklyn’s seaside community will be located near the Coney Island-Stillwell Avenue subway station, allowing access to the D, F, Q and N subway lines. The second phase of the three-building project was completed in 2024. Located at 1607 Surf Avenue, it is 100% leased and occupied with 376 units — 57 of which were designated for formerly homeless individuals. The first phase was completed in 2021, and all 446 of its units are fully occupied. “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,” Joseph Ferrara, principal of BFC, said in a statement. “Together, we’re building lasting affordability, opportunity, and impact for Coney Island.” Construction on the third building is scheduled to conclude in 2028.

BFC Partners secures $250 million loan to fund Coney Island apartment tower

Story Highlights  BFC Partners secured $250 million loan for Coney Island project.  Final tower will add 420 affordable units to Brooklyn.  Project's completion will bring 1,200 affordable homes to neighborhood.

“Our mission is as clear as it is urgent: to ensure that every New Yorker has a safe, stable and affordable place to call home,” said Ahmed Tigani, HPD acting commissioner, in a statement. “Delivering over 420 new affordable homes on Coney Island is an opportunity to invest in a community with deep roots, to support an area with enduring cultural significance to our city’s history and help households citywide have more opportunities to thrive in more places across the five boroughs.”