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.