Coney Island booms with new all-affordable housing – Business News
Mayor Eric Adams on Monday helped break ground on an all-affordable condominium tower within the shadow of Coney Island’s famed Parachute Jump – the newest within the space’s scorching real estate development.
Adams grabbed a shovel to hitch executives from developer BFC Partners, alongside with these from Citi, Goldman Sachs and two metropolis companies at 1709 Surf Ave.
The 420-unit building, behind the Coney Island boardwalk, will full the ultimate part of a trio of properties BFC has dropped at the once-underutilized blocks between West sixteenth and West 18th Street. The three buildings will add 1,242 new residences.
Mayor Eric Adams joins development, bank and metropolis company executives at Monday’s groundbreaking for BFC Partners’ 1709 Surf Avenue in Coney Island. Katie Prael
Like LCOR’s at 1515 Surf Ave., between West fifteenth and West sixteenth streets, it’s one other worthy addition to the Coney Island residential market, which is growing quickly because of 2009 rezoning.
The LCOR is an all-electric, 463-unit, towers-on-a-podium project which we had the pleasure to tour final week.
More than a half-dozen new tasks have opened or will open quickly on or close to Surf Avenue, as Adams pushes a plan to ship 1,500 inexpensive properties and to invest in new infrastructure.
The new buildings by a number of totally different builders aren’t as glamorous as John Catsimatidis’ Miami-inspired Ocean Drive towers on the peninsula’s western finish.
The Parachute Jump close to Maimonides Park, the place the Cyclones play. Steve Cuozzo/NY Post
But they boast good-looking exteriors, fashionable trendy residences, gorgeous views, swimming swimming pools, screening rooms, lounges, and athletic and health services.
They’re a short stroll to the Stillwell Avenue subway station, the boardwalk and seaside, and the Cyclone and different thrill rides.
The solely factor is lacking is shops and eating locations for a more prosperous population. Except for a Milk & Honey cafe coming this yr at 1515 Surf, that avenue and close by Mermaid and Neptune avenues are principally bereft of good buying and eating choices. (White-tablecloth Italian restaurant Gargiulo’s is the historic exception.)
West view from LCOR’s at 1515 Surf Ave. Steve Cuozzo/NY Post
The new buildings have ample ground-floor retail areas. The drawback thus far is drawing tenants to them. That’s due partly to the shortage till not too long ago of enough residents to assist mid-market retail, and partly to the neighborhood’s outdated repute for crime and homelessness.
The metropolis’s Economic Development Corp., the Coney Island Alliance business-improvement district and the builders, too, need to step up right here. Otherwise, the “new” Coney Island will stay much less than the fully-realized neighborhood it must be.
