BFC Partners Close On $250M Construction Loan at 1709 Surf Avenue, Capping Off Transformation of Historic Coney Island Thoroughfare With Third New Building and a Nearly $700M Investment
BROOKLYN, N.Y., June 27, 2025 /PRNewswire/ -- BFC Partners today closed on a construction loan for 1709 Surf Avenue, the third and final phase of their three-building project along Surf Avenue in Coney Island, Brooklyn. This final phase will deliver 420 new affordable, residential units, bringing the total across all phases to 1,242 affordable homes to the seaside community and $693,641,513 of investment.
With a total development cost of over $250 million for 1709 Surf Avenue alone, the New York City Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC), and Citi have partnered with BFC toward the completion of this third phase. Construction is scheduled to conclude in 2028.
'Closing on and starting construction of the third and final phase of this transformational development along Surf Avenue in Coney Island marks a major milestone for our team, said Joseph Ferrara, Principal, BFC Partners. '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. Together, we're building lasting affordability, opportunity, and impact for Coney Island.'
By transforming an underutilized surface parking lot and with the use of formerly City-owned parcels of land, BFC Partners, one of New York City's most celebrated and active affordable housing developers, moves one step closer to delivering another high-quality affordable housing project.
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.
'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. 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,' said Acting HPD Commissioner, Ahmed Tigani. 'Closing on this project today is not just making progress—we're building momentum, and we thank our partners BFC Partners, HDC, and Citi for making this a possibility.'
'Citi Community Capital is pleased to have been a part of the team that BFC Partners assembled, providing construction debt and long-term equity, that helped finance 1709 Surf Avenue. It is another step forward in the City's efforts to increase the supply of quality affordable housing that is so desperately needed throughout the five boroughs,' said Richard Gerwitz, Managing Director at Citi.
'We are especially proud of our work in Coney Island, where projects like this play a vital role in strengthening and stabilizing New York City's neighborhoods,' said Donald Capoccia, Principal, BFC Partners. 'Whether through new construction or rehabilitation, our investment and dedication to New York City and to communities throughout is strong.'
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.
On Staten Island, BFC Partners, in partnership with NYCHA, is transforming the West Brighton Houses through the PACT program and is nearing 50% completion. In the fall of 2024, BFC Partners celebrated the grand opening of The Pearl, a 269-unit residence, 100% affordable, with 50% reserved for formerly unhoused older adults.
'At BFC Partners, we remain committed to building and preserving high-quality affordable housing,' said Win Wharton, Principal, BFC Partners. 'Projects like this remind us of the vital role of new development in strengthening and stabilizing communities across New York.'
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/.
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SOURCE BFC Partners
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