"This Y is not only going to bring in jobs, it's going to be an economic engine," said City Councilman Domenic Recchia.
The Y will also include 196 rental units, most of them for low and middle income families.
Georganna Deas of the Astella Development Corporation, which has been working in the Coney Island community for years, says the Y will be a welcome addition to the neighborhood."The community of Coney Island was struggling to get this center built for years, and I just want to say, 'Is it here yet?'" said Deas.
Many residents who spoke with NY1 were also excited about the new Y's completion.
"We need it, these kids don't have nothing, like they go to school, come, what they get into, see what's happening out here," said one Coney Island resident.
"I like it because I want to do aerobics, so I'm waiting for the fitness," said another.
The new Coney Island Y is expected to be complete by Fall 2013. Another new Y in the Rockaways is scheduled to open in the spring of 2013.