Coney Island booms with new all-affordable housing tower near famed Parachute Jump

Mayor Eric Adams on Monday helped break ground on an all-affordable apartment tower in the shadow of Coney Island’s famed Parachute Jump – the latest in the area’s sizzling real estate development.

Adams grabbed a shovel to join executives from developer BFC Partners, along with those from Citi, Goldman Sachs and two city agencies at 1709 Surf Ave.

The 420-unit building, behind the Coney Island boardwalk, will complete the final phase of a trio  of properties BFC has brought to the once-underutilized blocks between West 16th and West 18th Street. The three buildings will add 1,242 new apartments.

Like LCOR’s at 1515 Surf Ave., between West 15th and West 16th streets, it’s another worthy addition to the Coney Island residential market, which is growing rapidly thanks to 2009 rezoning. 

The LCOR is an all-electric, 463-unit, towers-on-a-podium project which we had the pleasure to tour last week.

More than a half-dozen new projects have opened or will open soon on or near Surf Avenue, as Adams pushes a plan to deliver 1,500 affordable homes and to invest in new infrastructure.

The new buildings by several different developers aren’t as glamorous as John Catsimatidis’ Miami-inspired Ocean Drive towers at the peninsula’s western end.

But they boast handsome exteriors, stylish modern apartments, stunning views, swimming pools, screening rooms, lounges, and athletic and health facilities.

They’re a short stroll to the Stillwell Avenue subway station, the boardwalk and  beach, and the Cyclone and other thrill rides.

The only thing is missing is stores and eating places for a more affluent  population. Except for a  Milk & Honey cafe coming this year at 1515 Surf,  that avenue and nearby Mermaid and Neptune avenues are mostly bereft of good shopping and dining options. (White-tablecloth Italian restaurant Gargiulo’s is the historic exception.)

The new buildings have ample ground-floor retail spaces. The problem so far is drawing tenants to them. That’s due partly to the scarcity until recently of enough residents to support mid-market retail, and partly to the neighborhood’s outdated reputation for crime and homelessness.

The city’s Economic Development Corp., the Coney Island Alliance business-improvement district and the developers, too, need to step up here. Otherwise, the “new” Coney Island will remain less than the fully-realized community it needs to be.