BFC Partners plans 430-unit building in Coney Island

Joseph Ferrara of BFC Partners through the entity Fulton Street Builders LLC submitted a new building construction project for a 430-unit, 346,098 square-foot residential (R-2) building at 1709 Surf Avenue in Coney Island, Brooklyn. The plan was filed with the New York City Department of Buildings on September 27, 2023 under job number B00917292. It calls for the construction of a 12-story building. The project is described in the filing as: construct new 12-story mixed use building as per plans filed. The architect is S9 Architecture and Engineering.

The property

The parcel has frontage of 167 feet and is 177 feet deep with a total lot size of 23,917 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 million.

Prior sales and revenue

This property was sold with 3 other properties for $5.9 million on June 29, 2018.

Violations and lawsuits

According to city public data, the property has received $50 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Coney Island, The majority, or 68 percent of the 14.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has near average sales volume among other neighborhoods with $327.4 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, Coney Island has near average amount of major developments among other neighborhoods and is the 10th highest in Brooklyn. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 13 commercial properties representing 6,560 square feet of the 58,728 square feet. The identified owner is Aace Realty LLC. On the tax block, there was one new building construction project filed totaling 346,098 square feet. It is a 430-unit, 346,098 square-foot residential (R-2) building submitted by Joseph Ferrara with plans filed September 27, 2023 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 1729 Surf Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was in new building development. It was a new building permit application filed on October 12, 2021 for a 666,664-square-foot residential (R-2) building with 77 residential units at 2905 West 17th Street. Of those four items, three were loans above $5 million totaling $194.3 million. The most recent of the three was L+M Development Partners in which borrowed $39.6 million from UMB Bank secured by one condo unit in the 0-square-foot, 447-unit mixed-use building (RM) on 1912 Mermaid Avenue on July 5, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.