Tredway Plans Expansion at Newly Acquired Coney Island Community
Following its first Brooklyn deal, the firm will add a major affordable component for seniors.
Tredway is expanding an existing affordable housing community it has purchased in Brooklyn’s Coney Island neighborhood. The firm partnered with Gilbane Development Co. and ELH Mgmt to acquire Sea Park Apartments from Arker Cos. for $150 million, a Tredway spokesperson told Multi-Housing News.
The seller was represented by Ariel Property Advisors’ Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell. Berkadia and Deutsche Bank have provided debt to the project. ELH Mgmt will serve as the property manager. The New York State Homes and Community Renewal, the New York State Housing Finance Agency and the New York City Department of Housing Preservation and Development assisted with the preservation and creation of new affordable housing at the project.
Sea Park Apartments offers 816 units in studio, one-, two-, three-, four- and five-bedroom floorplans across three buildings. According to Tredway, 589 of the units are reserved for those making up to 60 percent of the area’s median income, 159 of the units are for those making up to 50 percent AMI, and 65 of the units are reserved for those making up to 80 percent AMI. Tredway is also setting aside 90 apartments for formerly homeless residents and three units for superintendents.
Tredway has plans for a multimillion-dollar rehabilitation process for the entirety of the Sea Park apartment complex. The renovations call for quality-of-life improvements to the interior and exterior courtyards, renovations to the community room and energy efficiency upgrades. A new component totaling 250 units of affordable housing, to be reserved for seniors, will be located adjacent to the existing Sea Park North building.
Breaking ground in Brooklyn
This is Tredway’s first Brooklyn deal. The company, which was founded in November 2021 and focuses on affordable and mixed-income projects across the U.S., has delivered more than 30,000 units across the U.S., including thousands of affordable homes in New York.
Gilbane recently opened a 183-unit affordable housing community in the Bronx. The company, along with Hudson Cos. and Mutual Housing Association of New York, broke ground on the project’s first phase in November 2019.