Coney Island Homes

Coney Island, Brooklyn
7 Three-Family Affordable Homes

Our Role:
Not-for-Profit Sponsor
Subsidy Assistance
Developer: Stellar Development and Astella Development
Contractor: Shelter Rock Builders
Coney Island Homes

The Coney Island New Foundations development is a proposed new construction of seven three-family homes in the Coney Island section of Brooklyn. Shelter Rock Builders is developing the 100% affordable project, located at 2816 & 2818 West 16th Street and 2425, 2427 & 3216 Mermaid Avenue; and 3566 & 3568 Canal Avenue in Brooklyn. NYC Department of Housing Preservation and Development, NYC Partnership Housing Development Fund Company, Stellar Development and Astella Development are collaborating to produce homes affordable to households earning between 90% and 130% of Area Median Income. The Housing Partnership secured a $700,000 Affordable Housing Corporation subsidy for this project. Neighborhoods throughout Brooklyn such as Coney Island are in need of affordable housing for residents who cannot afford market rate homes and would otherwise have continued to live in rentals. The principals for Stellar are Ben Shavolian and Joe Shavolian, who have successfully completed approximately 200 units throughout New York City over the last ten years. Bergen Street/St. Marks, and Bushwick Stellar Homes (both AHC approved projects), are other examples of the dedication Stellar has made to affordable housing.

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