BFC Partners signs $139M construction loan with NYC HDC for 376-unit project in Coney Island

BFC Partners through the entity Coney Island Associates 2 Moderate LLC as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $139 million for the 376-unit project at 1607 Surf Avenue in Coney Island, Brooklyn.
The deal closed on December 22, 2021 and was recorded on January 7, 2022.
The property has 0 square feet of built space and 297,025 square feet of additional air rights for a total buildable of 297,025 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $468 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on June 29, 2018, for $5.9 million.
The signatory for BFC Partners was Donald Capoccia. The signatory for NYC Housing Development Corporation was Ruth Moreira.
(321589134) Plans for a 376-unit, 293,286 square-foot R-2 were filed on March 4, 2020 and were permitted on August 13, 2021.
Donald Capoccia is managing partner of BFC.
In Coney Island, the majority, or 70 percent of the 26.3 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has had very little sales volume relative to neighborhoods in the city with $64.9 million in sales volume in the last two years. For development, Coney Island has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2 million square feet of multifamily and commercial construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

Within a 400-foot radius of 1607 Surf Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, three were in new building development. There were three new building permit applications. The most recent of these three items was a filing on October 12, 2021 for a 666,664-square-foot R-2 building with 77 residential units at 2905 West 17th Street.
One of those four items was a sale which LCOR bought the three-unit mixed-use building (S0) on 1530 Mermaid Avenue and nine other properties for $20 million from Sirena Realty on December 30, 2019.

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