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Coney Island to Add 1,100 More Units of Affordable Housing

The Adams administration on Tuesday announced plans to bring 1,100 units of affordable and supportive housing to Coney Island. The city will partner with BFC Partners Development LLC to continue the success of the ongoing Coney Island project with Coney Island Phase III, which will bring 420 additional affordable homes to the area.

To help support this development, the city will contribute more than $90 million in subsidies and the New York City Housing Development Corporation is issuing bonds to support a $116-million construction loan.

Additionally, the city will partner with Settlement Housing Fund Inc. to build 178 more units of affordable and supportive housing as part of the Coney Landing Project nearby. Finally, after receiving a strong response to its request for proposals earlier this year to build more than 500 new units of housing on a city-owned lot along Surf Avenue, the New York City Economic Development Corporation intends to select a developer by the end of the year.

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New York City Housing Development Corporation

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).

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  • ◦Policy/Gov't