**BFC Partners Secures Construction Loan for Final Phase of Coney Island Development**
BFC Partners has officially closed on a construction loan for 1709 Surf Avenue, marking the third and final phase of its large-scale development project along Surf Avenue in Coney Island. This final phase will introduce 420 affordable residential units, bringing the overall total to 1,242 units across all three phases of the project. The combined investment in the full development now totals nearly $694 million.
The development cost for 1709 Surf Avenue alone exceeds $250 million. Supporting this final stage of the project are the New York City Department of Housing Preservation & Development, the New York City Housing Development Corporation, and Citi, who have partnered with BFC Partners to push the initiative forward. Completion of this final phase is anticipated in 2028.
“We are proud to continue investing in the future of this vibrant community and are especially grateful to our city partners and to Citi for their unwavering support and collaboration,” said Joseph Ferrara, Principal at BFC Partners. “Together, we’re building lasting affordability, opportunity, and impact for Coney Island.”
The project represents a significant step toward expanding access to affordable housing in Brooklyn’s Coney Island neighborhood and underscores BFC Partners’ long-term commitment to community-driven development.
