BFC Partners Begins Second Phase of Coney Island Project

As reported in Multi-Housing News, BFC Partners has broken ground on the second phase of 1607 Surf Avenue, a mixed-use housing development on Coney Island. The $189 million, 10-story building will create 376 rental apartments, 9,000 square feet of community space, a 2,500 square-foot primary care facility run by New York City Health and Hospital Corp., and an additional 6,500 square feet of commercial space.

Approximately 15% of the apartments will be set aside for formerly homeless residents, with the remaining units earmarked for households with incomes of 40-90% of the Area Median Income (AMI).

HSE served as deal counsel to BFC Partners. Project financing was obtained through the  Voluntary Inclusionary Housing (VIH) program and Extremely Low- and Low-Income Affordability (ELLA) program run by New York City’s Department of Housing Preservation and Development (HPD).

The first phase of the development was recently completed, creating two 16-story towers at 2926 West 19th Street. The third phase will be built at 1709 Surf Avenue.

You can read more about the entire project in Multi-Housing News.



BFC Partners Closes on $151M Affordable Housing Development

As reported in Real Estate Weekly, BFC Partners has closed on what will become a 269-unit affordable housing development on the North Shore of Staten Island. The 100% affordable 475 Bay Street project will provide 131 units for individuals at or below 80% AMI and 138 units for formerly homeless senior citizens who are at or below 30% AMI. A rooftop recreation area with an older outdoor recreation deck, indoor fitness area, children’s play space, laundry facilities, and a multifunctional lounge are among the amenities included in the 250,173 square-foot development. Pedestrian-friendly retail will occupy 9,000 square feet, along with 66 parking spots.

475 Bay Street is the first new construction development in the recently rezoned Bay Street Corridor. Financing for the $151 million project is comprised of a $99,865,000 first mortgage loan from the New York State Housing Finance Agency (NYSHFA) funded by a series of tax-exempt Affordable Housing Revenue Bonds, a $1.5 million subsidy loan funded by NYSHFA, and over $6.5 million in 4% low-income housing tax credits.

The development will also receive an annual subsidy for frail and older adult residents from the New York State Empire State Supportive Housing Initiative (ESSHI). Onsite supportive services will be provided by Selfhelp Community Services, Inc. and will include physical wellness courses and nutrition workshops

You can read more about 475 Bay Street in the Commercial ObserverMulti-Housing News, and the New York Business Journal. Updated renderings can be viewed on New York YIMBY‘s website.