Coney Island Commons
Completed in 2013, this $84 million, 195-unit, sustainably designed, two-building complex of was born out of a highly competitive RFP process through NYC’s Department of Housing Preservation and Development.
Having weathered the economic recession of 2008 and Superstorm Sandy in 2012 this development was made possible though the successful structuring of a highly complex financing, utilizing HPD’s LAMP program, New York City RESO-A funds and private contributions.
The resultant seven and eleven story residential buildings contain a mix of studios, one-and-two bedroom units for rent to households earning up to 60% AMI. The development importantly includes a 42,500 square foot YMCA complete with aquatic center, gymnasium and fitness and multi-purpose rooms.
In 2014, Coney Island Commons won the prestigious Building Brooklyn Award for Community Development from the Brooklyn Chamber of Commerce, awarded to projects that enrich Brooklyn’s neighborhoods and economy.
Mixed Use: Affordable Housing and Community Facility
The Kretchmer Companies, ELH Mgmt, Galaxy General Contracting Corp.
Total Development Cost
2960 West 29th Street, 2980 West 29th Street, 2961 West 30th Street, Brooklyn NY
240,918 square feet, 195 units, two buildings, 9 and 12-story complex with a 42,500 square foot YMCA