BFC PARTNERS BREAK GROUND AT 1709 SURF AVENUE, CAPPING OFF TRANSFORMATION OF HISTORIC CONEY ISLAND
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 Barbara Wagner Communications Barbara Wagner Communication (917) 751-4387 (646) 737-4600 barbara@bwagnerpr.com katie@bwagnerpr.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/bfc-partners-break-ground-at-1709-surf-avenue-capping-off-transformation-of-historic-coney-island-302515053.html
SOURCE BFC Partners
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
19 minutes ago
- Yahoo
Trump Unleashes a Flurry of Trade Surprises on Eve of Deadline
(Bloomberg) -- President Donald Trump unleashed a series of tariff deals and demands on allies and adversaries alike on the eve of his Friday deadline aimed at establishing a new global trade order. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach The US president on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan, and a painful 25% levy on imports from India that was accompanied by criticism of its purchases of Russian energy and weapons. Deals were also in the offing for Thailand and Cambodia after they agreed to a ceasefire Monday, buttressing Trump's self-professed goal of being seen as a global peacemaker. Trump also shocked markets with new tariff rules on copper, sinking prices in New York by a record after exempting the most widely traded forms of the metals from 50% tariffs. The onslaught comes on the eve of an Aug. 1 deadline, when the White House threatened reciprocal levies for countries without bilateral agreements, which most don't have. Trump has said rates globally will come in from 15% all the way to 50% — executing policies he believes will bring home manufacturing and raise government revenue, while giving him enormous leverage on countries whose exports depend on US consumers. 'Today we got a flurry of details and it's the case of the old saying: 'you can't see the forest for the trees,'' said Rob Subbaraman, chief economist at Nomura Holdings Inc. 'Stepping back, Trump has by and large followed through on his tariff threats. Right now it's just a lot of noise.' Most countries are still without a trade deal, and key details are scant for those who have one — including potential exemptions, investment promises and potential changes to rules of origin. The uncertainty and confusion amid the long rollout of Trump's new trade order has already hit global economic growth and weighed on investment, even as markets remain optimistic. 'These deals ramming against the clock — it's really not a good sign,' said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis. The reach pushes countries to an agreement to avoid potentially higher levies, but could end up costing their economies more, she said. Meanwhile, the mood music between the US and China remains favorable for now. Speaking in the White House on Wednesday, Trump said the US will have a 'very fair deal with China.' Talks this week in Sweden strengthened trust between the two sides and boosted confidence in resolving economic disputes via discussions, the Communist Party's official newspaper said. The trade news wasn't limited to foreign countries. US consumers and small businesses will soon face higher costs on shipments, as Trump announced tariffs would apply from Aug. 29 on de minimis shipments, or imports that are below $800. Such shipments have been a boon for consumers and retailers, many of them in China, that ship products direct. A surprise reprieve for many Brazilian goods rallied its currency and stocks. Meantime, Bloomberg News reported Trump will speak with his Mexican counterpart Claudia Sheinbaum on Thursday morning, sending the peso higher. Canadian Prime Minister Mark Carney said Wednesday that talks with the US may not finish by Trump's Friday deadline. Prospects for a better deal dimmed further when Trump posted on Truth Social that Canada's decision to back Palestinian statehood 'will make it very hard for us to make a Trade Deal with them.' For South Korea, the 15% includes autos, as well as a $350 billion South Korean fund for US investments including energy and shipbuilding. As with Japan, the US investments would be directed by Trump, the president said. And for both funds, 90% of the profits would flow back to the US, Commerce Secretary Howard Lutnick said in a post on X. For India, Trump threatened a still-undefined additional penalty over its purchases of Russian energy, on top of a 25% tariff on imports from the nation. Any move on Russian oil may come up in talks with China, given that Beijing also takes substantial volumes of Moscow's crude, which the US has targeted since its 2022 invasion of Ukraine. Oil was holding Thursday near the highest in almost six months. Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.
Condé Nast Traveler
21 minutes ago
- Condé Nast Traveler
Samsonite Coupon Codes: 40% Off July 2025
Since its founding in 1910, Samsonite has come to be known as a luggage brand serving up sturdy, solid design; innovation; and durability. Often featured in our best-of luggage guides, Samsonite makes everything from sleek carry-ons and backpacks to versatile travel accessories. With the brand's regularly updated coupon codes, shoppers can score top-tier savings on trusted travel essentials. Strong, lightweight, and practical—you can't go wrong with a Samsonite bag. The price point is reasonable, the hard-shell exteriors are durable, and the built-in interior pockets are smart. And with coupon codes and exclusive offers, shoppers can save on Samsonite's sleek, high-quality luggage. Keep reading for the latest updates on deals and discounts from the brands. Unlock 40% off your first order with Samsonite coupon codes For new customers only, shoppers can save 40% off their first order—which goes a long way when completing a big purchase on checked luggage, or a two- to three-piece set. Not to mention, this includes free shipping—just make sure to sign up to the brand's newsletter (and site) to use the discount code sent via email. Shop today's Samsonite Dealmoon offers & luggage sets for up to 44% off If you're looking to upgrade your travel essentials, the brand's Dealmoon Promotions hub has you covered with discounts up to 44% off popular luggage sets. From the versatile Pivot 3 to the durable Cosmolite 3.0 and the sleek Freeform collections, these deals make it easier than ever to travel in style. Enjoy savings on select multi-piece sets, with free shipping included on all orders. Right now, you can snag a Pivot 3 three-piece set for $280 (down from $500), or grab the Freeform carry-on spinner for just $147, marked down from $210. There's also a Voltage DLX two-piece set available for $216, originally $360. And with bundle discounts and sitewide sales combining automatically at checkout, it's a great time to refresh your luggage collection. Explore sale discounts on our favorite Samsonite carry-on picks Samsonite is a reliable brand that makes some of our favorite carry-ons. Lucky for you, this timely deal includes 37% off its highly-rated Voltage DLX Global carry-on spinner, which is now $120 (marked down from $190). Or, score 10% off its durable and versatile Outline Pro carry-on spinner, which is $189 (marked down from $210). A cherry on top? You'll also score free shipping when using this promotion. Score free shipping on every Samsonite order $275 & up Samsonite shoppers can also save on deliveries with free shipping on US orders of at least $275. If you're under that threshold, you can ship ground for a flat $15 fee, or expedite your order to receive your swanky new luggage in as little as one to two business days. What to know about the Samsonite warranty & repairs If you do decide to score on these deals, note that most Samsonite collections carry a Limited 10-Year Global Warranty, with select lines covered for 3 or 5 years. Do note that you must register the product for warranty with the given product name or SKU number on Samsonite's registration portal. In terms of luggage part replacements, if your suitcase shows a manufacturing defect, the Samsonite Authorized Repair Center will fix or replace it at no cost.
Fast Company
21 minutes ago
- Fast Company
Not spending is trending
In 2025, if you're still relying on spreadsheets and sheer willpower to manage your budget —what are you doing? Tightening the purse strings is now in vogue as concerns about tariffs, inflation, job security and market volatility prompt many to pare back their spending, increase their savings, and, naturally, post about it on social media. These days, if you've trained your algorithm well enough, a cursory scroll should be enough to curb any lingering shopping impulses. In 2024, ' loud budgeting ' encouraged people to be unapologetically vocal about their financial goals. Earlier this year, everyone started 'revenge saving,' a counter to the 'revenge spending' that took off post-pandemic. 'No Buy July,' is the latest, catchier, iteration of the 'no-spend' challenges that have been around for years. The idea is simple: use the money you'd spend on takeaway coffee and other small indulgences to pay down debt, build up savings, or reach some other financial goal. Bonus points if you post about it on social media for added accountability. If you're truly masochistic, one creator recently went viral for sharing another controversial budgeting technique. 'Recording myself saying things I wanna impulse buy instead of buying them,' read the video's closed captions. The goal? 'To save money and make me hate myself.' This one is yet to catch on. There's a reason so many people are turning to saving challenges to hold each other accountable right now. Saving money is challenging at the best of times. For some, it's easier to say 'I'm doing No Buy July' than 'I can't afford that coffee right now.' The trends aren't all talk. The U.S. personal saving rate —the percentage of disposable income saved after taxes and spending—has risen to 4.5% in May, according to Bureau of Economic Analysis data. That is slightly down from 4.9% in April, but up significantly from 3.5% in December. The uptick coincides with growing anxiety, with a recent Santander Bank survey reporting 40% of Americans are more worried about emergency savings than at the start of the year, with 50% concerned about a recession and 53% about inflation. At the same time, the average length of unemployment is now over five months, one month longer than it was last year . The popularity of these saving challenges isn't simply a case of people jumping on the latest trend. It reflects many American's economic reality. The Consumer Price Index has shot up by 24% since 2020. Moreover, prices don't look like they'll drop anytime soon. As President Trump barrels toward his latest tariff deadline, the overall U.S. tariff level is now the highest its been since the 1930s and while prices have been largely stable, they are projected to increase.
