LCOR breaks ground on Coney Island housing development

Brooklyn, NY LCOR, a fully integrated real estate investment, development, and management company, broke ground on its newest development at 1515 Surf Ave. in Coney Island. The site was acquired via land deal in late 2019 with the Russo family that also owns Gargiulo’s restaurant across the street and will consist of 463 apartments, including 139 affordable units and 11,000 s/f of ground floor retail space.

Through a partnership with Ecosave USA, the project was awarded a grant from the NYS Energy Research and Development Authority’s (NYSERDA) Community Heat Pump System Pilot Program. A geothermal heat pump system effectively uses the earth to heat and cool the building and its domestic hot water systems, which eliminates the need for traditional equipment that runs on fossil fuels.

The result will be the largest geothermal project in the city’s history, reducing carbon emissions by over 60% and serve as a model for residential developments across the country.

“LCOR is committed to the long-term sustainability of communities we invest in. That includes addressing climate change and taking steps to reduce dependence on fossil fuels and towards clean energy,” said Anthony Tortora, LCOR senior vice president. “Coney Island is an ideal location to bring environmentally responsible development that will make healthy, active living along the waterfront available to families of all income levels.”

1515 Surf Ave., located between Surf Ave. and Mermaid Ave. and 15^th and 16^th Sts., is just steps away from the beach and public transportation with the Coney Island-Stillwell Ave. station around the corner.

According to Ecosave CEO, Marcelo Rouco, “The drive to reduce greenhouse gas emissions in a financially viable way begins by electrifying buildings with geothermal, which cuts energy operating expenses and carbon emissions in half. We are proud to work with LCOR, who made the right choice for our planet, future generations, and their investment.”

Designed by STUDIO V Architecture, the project will feature an amenity package that includes an ocean-facing outdoor pool, deck and gym, multiple tenant lounges, various flex coworking spaces, an indoor basketball and handball court, 20,000 s/f of landscaped outdoor space and accessory off-street parking.

“Coney Island was once the laboratory for innovation and our architecture reinvents this with the ‘Vertical Boardwalk’ a stacked sequence of overlapping social spaces and dune gardens, punctuating the architecture and overlooking the iconic beach,” said Jay Valgora, founder of STUDIO V. “The design speaks to LCOR’s community-centric values- advancing resiliency, sustainability, and creative residential design.”

State senator Diane Savino added, “I want to congratulate LCOR and NYSERDA for having the vision to not just develop much needed housing but to do so in an innovative fashion. All too often in government we talk about sustainability in housing but here we are actually walking the walk, programs like this will lead us into the 21st century and provide for more efficient housing.”

Construction is expected to be completed in 2024.

At the ceremony, Conor Greene, legislative director for Assembly Woman Mathylde Frontus also conveyed excitement for the project. “Coney Island is coming back strong again and projects like this ensure we will make the needs of our neighbors and the long-term sustainability of our community a top priority. I commend LCOR and their partners for being bold.”