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New York & Tri-State  + Finance  | 

BFC Closes on Construction Loan for Third Phase of Coney Island Project

BFC Partners on Friday closed on a construction loan for 1709 Surf Ave., the third and final phase of its three-building project along Surf Avenue in Coney Island. The final phase will deliver 420 affordable residential units, bringing the total across all phases to 1,242 units representing $693,641,513 of investment.

With a total development cost exceeding $250 million for 1709 Surf Ave. alone, the New York City Department of Housing Preservation & Development, New York City Housing Development Corporation and Citi have partnered with BFC toward the completion of this third phase. Construction is scheduled to conclude 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, BFC Partners. “Together, we’re building lasting affordability, opportunity, and impact for Coney Island.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing