Coney Island Phase I

Coney Island Phase I is a 446-unit mixed-use project located in the Coney Island neighborhood in Brooklyn, New York. The 521,000 GSF development includes two 16-story towers above a seven-story podium. Coney Island Phase I is conveniently located 0.4 miles from the Coney Island Stillwell Avenue Q train station, across the street from the Brooklyn Cyclones at MCU Park, and 0.3 miles from the historic Coney Island boardwalk and beach.

The second through sixteenth floors of Coney Island Phase I include rental apartments for households whose income does not exceed 100% of area median income (AMI), along with two landscaped outdoor decks for passive recreation. The ground floor provides approximately 15,000 GSF of dry flood-proofed retail space, approximately 66,000 GSF of new office space for the New York City Human Resources Administration (HRA), and 96 residential and commercial covered parking spaces.

The project’s design incorporates material and color combinations to reflect the palette of Coney Island Phase I’s beachfront location and to fit within the larger context of the greater Coney Island district.

Coney Island Phase I earned the Associated Builders and Contractors 2022 Empire Excellence Award, recognizing innovative and high-quality construction projects.

Financing for the $254 million projects was provided in the form of $77 million in tax-exempt bonds issued by the New York City Housing Development Corporation (HDC), over $64 million in Low-Income Housing Tax Credits (LIHTC) by the New York City Department of Housing Preservation & Development (HPD), and a letter of credit issued by Wells Fargo.

Developers: L+M Development Partners LLC, BFC Partners, and Taconic Investment Partners
Architect: Handel Architects
Contractor: L+M Builders Group LLC
Number of Units: 446
Financing: HDC, HPD and Wells Fargo