The new building is 500 feet from the beach and boardwalk. On March 30, 2022, Governor Kathy Hochul and the New York City Department of Housing Preservation and Development (HPD) announced the completion of a new affordable and supportive housing development in Coney Island, Brooklyn. The mixed-use development, called Raven Hall, has 216 affordable apartments and ground floor retail. It is located at 2006 Surf Avenue. The development team consists of Georgica Green Ventures, LLC and New Density Housing and was created as part of the State’s efforts to increase affordable housing statewide.
Out of the 216 affordable units, 193 units are for households at or below 60 percent area median income (AMI), 22 units are for up to 90 percent AMI, and 77 units are set aside for families experiencing homelessness. These families will receive on-site supportive services from New Density Housing.
Raven Hall includes a community room and large terrace, a fitness facility, a laundry room, storage, and a children’s room. The building also contains a paid public parking garage.
The 22-story building is named after the Ravenhall Baths, the largest saltwater pool in Coney Island, which opened as a hotel in 1867 and closed in 1963 after it was destroyed in a fire. Raven Hall is the second building in a seven-phase redevelopment of the Bath Site, a two-block parcel on Coney Island that contains mostly vacant or underutilized lots located between the boardwalk and Surf Avenue. The first phase, Surf Vets Place, is a 135-unit building for families and homeless veterans and was completed in 2019.
Raven Hall cost $133 million, with financing from $19 million in permanent tax-exempt bonds, Federal and State Low-Income Housing Tax Credits generating $50.2 million in equity, and $16.2 million in subsidy from New York State Homes and Community Renewal. HPD provided $36.7 million in subsidy through the Extremely Low- and Low-Income Affordability (ELLA) program.
The State’s current Housing Plan has a goal of creating and preserving 100,000 affordable homes, with 6,000 featuring support services. The State is expected to reach that goal this year.
Governor Hochul stated, “My administration will continue to confront the housing crisis through high-quality affordable housing projects that will improve the lives of residents and create vibrant communities. This $133 million mixed-use development in Coney Island will enhance quality of life for residents and the entire community, while building a stronger economic future for this unique, historic neighborhood.”
HPD Commissioner Adolfo Carrión Jr. stated, “The completion of Raven Hall marks another major step in the City’s investment to bring more affordable housing and public amenities to Coney Island. This new development serves extremely low- to moderate-income New Yorkers, provides critical supportive housing for families experiencing homelessness, and moves our city in the right direction when it comes to creating permanent and safe housing for those in need. Thanks to our HPD team and partners at New York State Homes and Community Renewal, Georgica Green Ventures, New Destiny Housing, the New York City Economic Development Corporation, and our dedicated elected officials for making this new development possible.”
By: Veronica Rose (Veronica is the CityLaw fellow and a New York Law School graduate, Class of 2018.)