Tredway Pays $88M for Queens Affordable Community
Following the purchase, the 602-unit property became rent-stabilized.
Tredway has paid $88 million for Ocean Park Apartments, a 602-unit fully affordable housing community in Far Rockaway, N.Y. Related Cos. previously owned the asset, according to Yardi Matrix information.
The company financed the purchase with an acquisition loan from Merchants Bank, coordinated by Merchants Capital. Ariel Property Advisors brokered the sale.
The buyer also entered into a new regulatory agreement with the Department of Housing Preservation & Development, ensuring all units are rent-stabilized. This deal extended the affordability of 423 units at 60 percent of the area median income and 179 units at 80 percent of AMI.
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The new owner plans to implement a substantial rehabilitation program at the 1973-completed community. Plans call for structural repairs, replacement of the parking deck, roof replacement and extensive waterproofing.
Residents will also gain access to food and nutrition services through a partnership with City Harvest. Located at 125 Beach 17th St. in the Queens borough, the property is near the beach and close to multiple parks.
A fully affordable Queens community
Ocean Park encompasses two 26-story buildings rising on 3 acres. The unit mix comprises one-, two- and three-bedroom floorplans. Apartments have private balconies or patios.
Common-area amenities include a community room, a swimming pool and laundry facilities, as well as multiple playgrounds. The property also has 310 parking spaces, outdoor sitting areas and more than 9,000 square feet of retail space.
Ariel Property Advisors Founding Partner Victor Sozio and President & Founder Shimon Shkury arranged the sale. Merchants Capital Senior Vice President Mike Milazzo and Vice Chairman Mathew Wambua coordinated the acquisition financing.
