Affordable and mixed-income real estate developer Tredway has acquired Ocean Park Apartments, a 602-unit, family-designated property located at 125 Beach 17th St. in the Far Rockaway section of Queens, N.Y.
Concurrent with the acquisition, Tredway entered into a new regulatory agreement with the New York City Department of Housing Preservation & Development to bring all units into rent stabilization and extend the affordability of 423 units at 60% area median income (AMI) and 179 units at 80% AMI, preventing substantial imminent rent increases. Residents will also benefit from expanded food and nutrition services in partnership with City Harvest and swim and water safety lessons provided by the nonprofit Rising Tide Effect.
“We are pleased to take on the stewardship of Ocean Park and to execute a preservation that significantly strengthens the property’s affordability while providing critical capital repairs, energy-efficiency improvements and expanded social services,” said Will Blodgett, founder and CEO of Tredway. “Instituting rent stabilization at Ocean Park protects current and future residents from rapidly rising rental prices and will maintain the property as a beacon of opportunity for the entire Far Rockaway community.”
A substantial rehabilitation is planned for the beachfront complex, primarily aimed at correcting decades of deterioration caused by exposure to the elements and salt spray. The scope of work is slated to include critical structural repairs, the complete replacement of the parking deck, extensive waterproofing, window weatherization, roof replacement and Local Law 11 work across the site.
Tredway is investing in new resiliency infrastructure and will improve the property’s energy efficiency by installing low flow fixtures, LED lights and Energy Star appliances, in addition to other electricity and water conservation measures, these changes will provide stability for current residents of Ocean Park and ensure a valuable source of affordable housing remains available for decades to come, the company said.
The acquisition is being financed with a loan from Merchants Bank coordinated by Michael Milazzo and Mathew Wambua. The sale was brokered by Victor Sozio and Shimon Shkury of Ariel Property Advisors.
