The Adams administration on Tuesday announced plans to bring 1,100 units of affordable and supportive housing to Coney Island. The city will partner with BFC Partners Development LLC to continue the success of the ongoing Coney Island project with Coney Island Phase III, which will bring 420 additional affordable homes to the area.
To help support this development, the city will contribute more than $90 million in subsidies and the New York City Housing Development Corporation is issuing bonds to support a $116-million construction loan.
Additionally, the city will partner with Settlement Housing Fund Inc. to build 178 more units of affordable and supportive housing as part of the Coney Landing Project nearby. Finally, after receiving a strong response to its request for proposals earlier this year to build more than 500 new units of housing on a city-owned lot along Surf Avenue, the New York City Economic Development Corporation intends to select a developer by the end of the year.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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