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Borough board pauses vote on EDCConey West Parcel A housing plan amid questions on price, affordability and hiring
Summary
EDC presented business terms for the proposed Parcel A disposition in Coney West — a 550-unit project with 25% permanently affordable housing and a $12 million purchase price to Ryback Development — but board members raised questions on unit mix, sale price, parking revenues and local hiring; the board requested more information and tabled a vote to the next meeting.
At the June 2 Brooklyn Borough Board meeting, the New York City Economic Development Corporation (EDC) presented business terms for the proposed sale of Parcel A in Coney West to Ryback Development following a competitive RFP. Anthony Hashef of EDCs real estate team summarized the program: approximately 550 residential units, 25% permanently affordable under the 485X/UAP framework, roughly 30,000 square feet of retail or community facility space, about 70 resident parking spaces and at least 160 public parking spaces to replace the existing overflow lot. EDC said the negotiated purchase price is $12 million, subject to reduction for a to-be-determined environmental mitigation credit.
Why it matters: the project reuses underutilized city-owned land to add housing in Coney Island but generated significant board and public scrutiny over whether the sale price and terms deliver sufficient community benefits given the sites redevelopment potential. Members also pressed for details on family-sized units, the AMI bands for the permanently affordable units, how parking revenue will be allocated, and enforceable local-hire and MWBE commitments during construction.
Concerns raised and applicant responses: board members asked for a full unit mix (counts of studios, one-, two- and three-bedroom units) and confirmation that two- and three-bedroom units will be available in the affordability set. Several members said the $12 million purchase price appeared low given market context and noted the developer would also provide the public garage at its own cost, which EDC said was factored into the transaction value. EDC and the developer representative said they are working on written responses to community conditions requested by Community Board 13, including periodic construction updates, community meeting space, and targeted hiring; EDC said no public subsidy is required beyond existing tax abatement incentives (485X), and that closing is targeted in April of next year with an expected construction timeline of 3036 months and unit delivery around spring 2030.
Board action: members identified multiple outstanding questions and directed EDC to provide more detailed financials, the proposed unit mix, clarifications on parking revenue and the developers commitments on local hiring and Section 3/WAGE enforcement. The board agreed to table a final vote until those items are supplied and staff can circulate the developers responses to community board conditions.
Next steps: EDC said it would share the developer's forthcoming written responses (expected imminently per EDC) and that the disposition will return to the borough board at a later meeting for action after the requested clarifications are provided.
