Prior to its renaming in 1988, Buono Beach was called Penny Beach. Although its origin is unknown, the New York City Department of Parks and Recreation surmises that the beach was named for either the original name of Hylan Boulevard (Pennsylvania Avenue), or because of the idea that the beach was once a "Lovers' lane" where couples would toss coins into the harbor while making wishes.
In 1996, ground was broken for a $1,828,000 Buono Beach-Alice Austen House Park Shoreline Rehabilitation, sponsored by New York City Council Member Jerome X. O'Donovan. The work was finished in October 1997. The effort was in response to erosion and degradation of the shoreline that threatened the integrity of the parkland. The Alice Austen House itself is maintained by the Historic House Trust.
The Buono Memorial honors the memory of both Matthew Buono and other Rosebank and Fort Wadsworth veterans killed in the wars of the 20th century. The memorial’s fountain is eight feet in diameter, and two and half feet tall. The water falls past a five-point granite star into a stainless steel structure with 50 openings that represent the fifty states in the union. There are three benches surrounding the fountain. The curved wall that encloses the memorial is engraved with the names of Rosebank and Fort Wadsworth residents who died in World War I, World War II, the Korean War, and the Vietnam War. A walkway starting at the flagpole runs through the monument to Clifton Avenue. This axis symbolizes the connection between the local community and the nation at large, forged by the patriotism and sacrifice of these fallen soldiers.
The park was damaged by Superstorm Sandy. As of Oct, 2014 a large section of the park along Edgewater Street remains closed 
- New York City Parks Austen House and park