New York Construction Report staff writer
Construction has begun on the final phase of a major affordable housing project in Coney Island, where BFC Partners is developing 420 new apartments along Surf Avenue in Brooklyn.
The third phase of the project at 1709 Surf Ave. will bring 420 new affordable apartments to the Brooklyn waterfront, completing a years-long effort to create a total of 1,242 affordable homes in the seaside neighborhood.
Developed in partnership with the New York City Department of Housing Preservation and Development (HPD), the Housing Development Corporation (HDC), Citi and Goldman Sachs, the project is expected to be completed by 2028.
“Finding a home in Coney Island should not be a rollercoaster ride,” said New York City Mayor Eric Adams. “Along with BFC Partners and Citi, we are excited to bring this ambitious vision for Coney Island to life.”
The new building will replace what had been a surface parking lot and formerly city-owned parcels near the Stillwell Avenue subway station. The site offers direct access to the B, D, F, Q and N train lines, aligning with the city’s push for more transit-oriented housing.
“For far too many New Yorkers, the ability to secure affordable housing is a significant challenge,” said U.S. House Democratic Leader Hakeem Jeffries. “We cannot allow our city to become a playground for the wealthy.”
City officials highlighted the milestone as part of a broader effort to expand affordable housing across the five boroughs.
HDC President Eric Enderlin emphasized the importance of addressing the city’s growing housing crisis. “HDC is proud to join our partners to finance transformative projects that directly address the housing needs of New Yorkers,” he said.
The 420 new units mark the culmination of BFC’s three-phase effort along Surf Avenue. The first phase, completed in 2021, delivered 446 units. The second phase, at 1607 Surf Ave., was completed in 2024 with 376 units, now nearly fully occupied.
BFC Principal Donald Capoccia said the project aims to transform Surf Avenue into “100% affordable, spacious and attractive housing that individuals and families will be proud to call home.”
The development is supported by financing from Citi and Goldman Sachs.
“Whether through new construction or rehabilitation, our investment and dedication to New York City and to communities throughout is strong,” said BFC Principal Joseph Ferrara.
BFC also has projects underway in Staten Island and other parts of the city.
