Coney Island booms with new all-affordable housing tower near famed Parachute Jump
Adams grabbed a shovel to join executives from developer BFC Partners, along with those from Citi, Goldman Sachs and two city agencies at 1709 Surf Ave.
The 420-unit building, behind the Coney Island boardwalk, will complete the final phase of a trio of properties BFC has brought to the once-underutilized blocks between West 16th and West 18th Street. The three buildings will add 1,242 new apartments.
Advertisement
3 Mayor Eric Adams joins development, bank and city agency executives at Monday's groundbreaking for BFC Partners' 1709 Surf Avenue in Coney Island.
Katie Prael
Like LCOR's at 1515 Surf Ave., between West 15th and West 16th streets, it's another worthy addition to the Coney Island residential market, which is growing rapidly thanks to 2009 rezoning.
The LCOR is an all-electric, 463-unit, towers-on-a-podium project which we had the pleasure to tour last week.
Advertisement
More than a half-dozen new projects have opened or will open soon on or near Surf Avenue, as Adams pushes a plan to deliver 1,500 affordable homes and to invest in new infrastructure.
The new buildings by several different developers aren't as glamorous as John Catsimatidis' Miami-inspired Ocean Drive towers at the peninsula's western end.
3 The Parachute Jump near Maimonides Park, where the Cyclones play.
Steve Cuozzo/NY Post
But they boast handsome exteriors, stylish modern apartments, stunning views, swimming pools, screening rooms, lounges, and athletic and health facilities.
Advertisement
They're a short stroll to the Stillwell Avenue subway station, the boardwalk and beach, and the Cyclone and other thrill rides.
The only thing is missing is stores and eating places for a more affluent population. Except for a Milk & Honey cafe coming this year at 1515 Surf, that avenue and nearby Mermaid and Neptune avenues are mostly bereft of good shopping and dining options. (White-tablecloth Italian restaurant Gargiulo's is the historic exception.)
3 West view from LCOR's at 1515 Surf Ave.
Steve Cuozzo/NY Post
Advertisement
The new buildings have ample ground-floor retail spaces. The problem so far is drawing tenants to them. That's due partly to the scarcity until recently of enough residents to support mid-market retail, and partly to the neighborhood's outdated reputation for crime and homelessness.
The city's Economic Development Corp., the Coney Island Alliance business-improvement district and the developers, too, need to step up here. Otherwise, the 'new' Coney Island will remain less than the fully-realized community it needs to be.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
4 hours ago
- New York Post
Brooklyn Mirage closed for year as troubled owner files for bankruptcy
The curtains will fall on the Brooklyn Mirage for the rest of the summer after the venue's troubled owner filed for bankruptcy Monday. Avant Gardner LLC took the drastic step after it faced ongoing financial snags and failed to reopen the prized East Williamsburg open-air concert hall in time for its 2025 season of shows – as newly minted CEO Gary Richards claimed he had no choice but to plunge into a reorganization. 'Two months ago I was brought in as CEO to rebuild the Company's culture and turn the business around,' Richards said in a statement. 'I believe this Chapter 11 restructuring is the most viable path forward.' 3 An aerial view of Brooklyn Mirage. NY Post The company faced a mountain of bad publicity and scrutiny over safety after two ravers were found dead near the Mirage in 2023. Each died after leaving separate shows at the isolated location. The venue has also been criticized as a haven for hard drugs even as Avant Gardner has argued it has strict protocols in place. The business was dinged up after chaos unfolded the same year at the Electric Zoo festival – a three-day event operated by Avant Gardner. The annual set of shows didn't take place last year and hasn't been scheduled for this year. 3 Safety issues have dogged the Mirage. Adam Gray for NY Post The Mirage was supposed to open in May after a massive renovation, but was dogged by delays and will remain shuttered for now, according to the company. 3 The Mirage won't be open until next year. Getty Images The other venues in the sprawling complex, the Great Hall and Kings Hall, will still be operational, but the closure of the Mirage has been 'catastrophic' for the company's finances, Richards said in a court filing, according to Bloomberg. The Mirage is expected to reopen by next year, the company said. Avant Gardner, which is owned by co-founder Juergen 'Billy' Bildstein, owes various vendors more than $10 million, including a cool $1.8 million to South African DJ Black Coffee Entertainment, according to the Chapter 11 filing that paints a bleak financial picture. The company hopes to borrow up to $45 million to go toward the Chapter 11 proceeding and keep operations going, the filing shows. Meanwhile, the company has up to $500 million in liabilities and only at most $100 million in assets.
Yahoo
8 hours ago
- Yahoo
Is Wall Street Bullish or Bearish on Norwegian Cruise Line Stock?
With a market cap of $10.9 billion, Norwegian Cruise Line Holdings Ltd. (NCLH) is a leading global cruise company. It operates three distinct brands - Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, offering diverse itineraries and premium onboard experiences worldwide. Shares of the Miami, Florida-based company have outperformed the broader market over the past 52 weeks. NCLH stock has jumped 56.8% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 18%. However, shares of Norwegian Cruise Line are down 2.9% on a YTD basis, lagging behind SPX's 7.2% increase. More News from Barchart Find Winning Momentum Trades With This Moving Average Stock Screener Tariffs, Earnings and Other Can't Miss Items this Week This Blue-Chip Dividend Stock Is Stuck in the Tariff Crosshairs. Can Cost Cuts Save the Day? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Focusing more closely, the cruise operator stock has also outpaced the Consumer Discretionary Select Sector SPDR Fund's (XLY) 24% return over the past 52 weeks. Despite reporting weaker-than-expected Q2 2025 adjusted EPS of $0.51 and revenue of $2.5 billion, shares of NCLH climbed 9.2% on Jul. 31 due to a strong rebound in cruise demand and reaffirmation of its full-year EPS forecast of $2.05, slightly above the consensus. Occupancy reached 103.9% in Q2, up from 101.5% in Q1, and onboard spending remained strong, signaling consumer resilience despite earlier macroeconomic concerns. For the fiscal year ending in December 2025, analysts expect NCLH's EPS to grow 7.3% year-over-year to $1.76. The company's earnings surprise history is mixed. It beat or met the consensus estimates in three of the last four quarters while missing on another occasion. Among the 23 analysts covering the stock, the consensus rating is a 'Moderate Buy.' That's based on 16 'Strong Buy' ratings and seven 'Holds.' On Aug. 4, Morgan Stanley raised its price target on Norwegian Cruise Line to $26, maintaining an 'Equal Weight" rating after the company's Q2 beat and reflecting improved yield expectations from its private island investment. As of writing, the stock is trading below the mean price target of $27.26. The Street-high price target of $38 implies a potential upside of 52.7% from the current price levels. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
9 hours ago
- CBS News
Florida gas prices dip more than a dime in a week. Here's what you'll pay at the pump.
There was good news at the pump for Florida drivers last week as gas prices dropped more than a dime. On Monday, drivers were paying an average of $2.94 a gallon for regular unleaded, down from $3.09 a week earlier, according to the AAA auto club. For several months, average prices in Florida had been moving about 15 cents a week in both directions until holding around $3.10 a gallon during the last two weeks. Nationally, the average price Monday was $3.15 a gallon, up a penny from a week earlier. Patrick De Haan, head of petroleum analysis at GasBuddy, said prices could dip before Labor Day. "Oil prices continue to hover in the mid-to-upper $60s (a barrel), and with gasoline demand starting to ease as we head into August, we could see prices gradually decline as we approach Labor Day," De Haan posted online. "That said, this is also the time of year when the tropics begin to stir, so we'll be keeping a close eye on hurricane activity that could disrupt supply and shift the outlook." In Miami-Dade on Monday, the average price for regular unleaded was $2.95 a gallon, down 11 cents from the week before. A month ago, the average was $3.09 and a year ago drivers were paying $3.45 a gallon. In Broward, the average was also $2.95 a gallon, down 16 cents from last week. A month ago, the average was $3.14 and a year ago it was $3.49 a gallon. AAA encourages drivers to combine errands, drive conservatively, remove excess vehicle weight, shop around using the AAA mobile app, and consider paying with cash to avoid credit card surcharges. AAA members can also save by enrolling in gas rewards programs, such as Shell's Fuel Rewards or discounts at Love's Travel Stops. Travelers can find updated gas prices and plan routes using AAA's tools at
