BFC PARTNERS BREAK GROUND AT 1709 SURF AVENUE, CAPPING OFF TRANSFORMATION OF HISTORIC CONEY ISLAND

HPD, HDC, Citi and Goldman Sachs Partnered to Complete Third Phase of BFC's Ambitious Project

420 100% Affordable Units at 1709 Surf Avenue Brings the Total New Housing Developed by BFC to Over 1,200 100% Affordable Homes in Seaside Community

BROOKLYN, N.Y., July 28, 2025 /PRNewswire/ -- BFC Partners, one of New York City's most celebrated and active affordable housing developers, today held a groundbreaking at 1709 Surf Avenue, the third and final phase of their ambitious project along Coney Island's oceanside avenue. This final phase will deliver 420 new affordable residential units, completing the firm's goal of bringing 1,242 affordable homes to the seaside community. All of the homes are 100% affordable. A recording of the event can be streamed here.

1709 Surf Avenue will rise on what was an underutilized surface parking lot and formerly City-owned parcels of land. The New York City Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC), Citi and Goldman Sachs partnered with BFC on the development, scheduled to be completed in 2028.

"Finding a home in Coney Island should not be a rollercoaster ride, which is why we're creating over 1,200 new homes to help more families live in this iconic seaside neighborhood," said New York City Mayor Eric Adams. "Along with tens of millions of dollars for new streets, sewers, and a renovated ice rink, these homes will make sure that Coney Island is not only a great place for families to spend time together but also a great place to live as well. Along with BFC Partners and Citi, we are excited to bring this ambitious vision for Coney Island to life. But we're not stopping with Brooklyn — our administration is breaking affordable housing records over and over again and advancing generational projects across all five boroughs as we continue to make New York City the best place to raise a family." 

"For far too many New Yorkers, the ability to secure affordable housing is a significant challenge. I am grateful to BFC Partners and my colleagues across state and city government for their work to get the ball rolling on 420 new affordable, safe and high-quality apartments," said House Democratic Leader Hakeem Jeffries (NY-08). "We cannot allow our city to become a playground for the wealthy, the well-off and the well-connected. Today is an important step towards making sure that every New Yorker can afford to remain in the greatest city in the world."

"As we kick off a momentous, record-breaking week in housing, there is no better place to celebrate than in iconic Coney Island" said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion Jr. "As the most pro-housing administration in city history, we are excited to partner with BFC Partners to break ground on over 1,200 affordable homes in such a consummately New York neighborhood."

It is exciting to see BFC Partners break ground on another project in Coney Island, delivering over 420 new affordable units by Coney Island's iconic waterfront," said Executive Director for Housing Leila Bozorg. "Phase 3 rounds out BFC Partners' goal of delivering over 1,200 affordable homes in Coney Island, adding onto this administration's strong commitment to delivering affordable housing in the neighborhood and throughout the city."

"Our mission is as clear as it is urgent: to ensure that every New Yorker has a safe, stable, and affordable place to call home. Delivering over 420 new affordable homes on Coney Island is an opportunity to invest in a community with deep roots, credible needs, and deserving of the kind of investment that fosters the enduring cultural significance to our City's history. The near future delivery of these units will be another step forward in helping households citywide have more opportunities to thrive in more places across the five boroughs," said Acting HPD Commissioner, Ahmed Tigani. "Alongside other planning agency partners like DCP and EDC, today's groundbreaking makes the collective work of this Administration tangible. This isn't just progress—we're building momentum. We're grateful to our partners BFC Partners, HDC, and Citi for helping make this possible."

"Once complete, the final phase of this development will deliver more than 400 affordable homes to the Coney Island community," said HDC President Eric Enderlin. "Amid our 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." 

"The need for more affordable housing in our neighborhoods has never been greater, and that's why I'm proud to be on hand for this momentous groundbreaking. We fought hard to make Coney Island III a reality. This is a big step in the march towards affordability for our community and all New Yorkers," said City Council Member Justin Brannan.

"In the face of a steepening housing crisis, providing 100% affordable housing is essential for the Coney Island community," said Brooklyn Borough President Antonio Reynoso. "Thank you to BFC Partners, HPD, HDC, and Citi for breaking ground on the final phase of this historic housing investment for Coney Island. Projects like these have the potential to help Brooklynites thrive, and I look forward to working together on future initiatives to bring more affordable housing across Brooklyn."

"Beginning construction on this site brings us one step closer to completing our goals of transforming a large strip of iconic Surf Avenue into 100% affordable, spacious and attractive housing that individuals and families will be proud to call home," said Donald Capoccia, Principal, BFC Partners. "We are especially grateful to our city partners and to Citi for their unwavering support and collaboration. Together, we're building lasting affordability, opportunity, and impact for Coney Island."

"Citi Community Capital is pleased to have been a part of the team that BFC Partners assembled, providing construction debt and long-term equity, that helped finance 1709 Surf Avenue. It is another step forward in the City's efforts to increase the supply of quality affordable housing that is so desperately needed throughout the five boroughs," said Richard Gerwitz, Managing Director at Citi.

"So many New York families come to Coney Island to make unforgettable memories, but living in a thriving, beach-front community is still just a dream for most. At Goldman Sachs, we deploy capital in places and projects that unlock long-term economic growth across New York. We've been invested in building new, affordable housing, childcare and community spaces at this site since 2018 because we know it will deliver returns for families and generations to come," said Asahi Pompey, Chair of the Urban Investment Group at Goldman Sachs Alternatives.

Located near the Stillwell Avenue subway station where the B, D, F, Q, and N lines converge, the new construction provides residents with direct and convenient access to all parts of New York City. Additionally, it provides BFC Partners with an avenue to support the City and State's goals for more transit-oriented development.

"We are especially proud of our work in Coney Island, where projects like this play a vital role in strengthening and stabilizing New York City's neighborhoods," said Joseph Ferrara, Principal, BFC Partners. "Whether through new construction or rehabilitation, our investment and dedication to New York City and to communities throughout is strong."

The second phase of the Coney Island projects,1607 Surf Avenue, was completed in 2024 and its 376 units are nearly 100% leased and occupied. Phase I was completed in 2021, and its 446 units are fully occupied.

On Staten Island, BFC Partners, in partnership with NYCHA, is transforming the West Brighton Houses through the PACT program and is nearing 50% completion. In the fall of 2024, BFC Partners celebrated the grand opening of The Pearl, a 269-unit residence, 100% affordable, with 50% reserved for formerly unhoused older adults.

"At BFC Partners, we remain committed to building and preserving high-quality affordable housing," said Win Wharton, Principal, BFC Partners. "Projects like this remind us of the vital role of new development in strengthening and stabilizing communities across New York."

About BFC Partners

BFC Partners is a full-service, real estate development firm that creates community-first, urban development solutions. Since 1984, BFC has been at the forefront of developing high quality affordable, mixed-income, and market rate housing. We are dedicated to revitalizing communities and improving the lives of our residents and neighbors. As leaders in the field, our government, financial, and community partners seek us out to help start new programs and undertake complicated projects. For more information, please visit: https://www.bfcnyc.com/.

CONTACT:      Barbara Wagner                                            Katie Prael
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SOURCE BFC Partners