BFC Partners on Friday closed on a construction loan for 1709 Surf Ave., the third and final phase of its three-building project along Surf Avenue in Coney Island. The final phase will deliver 420 affordable residential units, bringing the total across all phases to 1,242 units representing $693,641,513 of investment.
With a total development cost exceeding $250 million for 1709 Surf Ave. alone, the New York City Department of Housing Preservation & Development, New York City Housing Development Corporation and Citi have partnered with BFC toward the completion of this third phase. Construction is scheduled to conclude in 2028.
“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,” said Joseph Ferrara, principal, BFC Partners. “Together, we’re building lasting affordability, opportunity, and impact for Coney Island.”
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