- Tredway has acquired Ocean Park Apartments, a 602-unit affordable housing community in Far Rockaway, Queens, for $88M.
- All units are now rent-stabilized, with a new regulatory agreement ensuring long-term affordability for households earning 60–80% of the area median income.
- The buyer plans to launch a substantial rehabilitation program, including structural repairs, roof and parking deck replacement, and expanded resident services.
A Major Affordable Housing Deal
Tredway recently closed on an $88M acquisition of Ocean Park Apartments, a fully affordable, 602-unit community located in Far Rockaway, Queens, per Multi-Housing News. Related Cos. sold the two-building property, which dates back to 1973, according to Yardi Matrix.
Long-Term Affordability Secured
To preserve affordability, Tredway signed a new regulatory agreement with the New York City Department of Housing Preservation & Development. As a result, all units now fall under rent stabilization, further reinforcing the building’s role as a long-term source of affordable housing in the city. Specifically, the agreement extends affordability for 423 apartments at 60% of the area median income (AMI) and 179 apartments at 80% of AMI.
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Extensive Rehabilitation Planned
Tredway intends to begin a wide-ranging renovation program that aims to preserve and enhance the affordable housing community for years to come. The improvements will include structural repairs, roof and parking deck replacements, and extensive waterproofing. In addition, the firm partnered with nonprofit City Harvest to offer residents access to food and nutrition services.
Property Features and Amenities
Ocean Park Apartments consists of two 26-story towers spanning a 3-acre lot within the larger affordable housing landscape of Far Rockaway. The property offers one-, two-, and three-bedroom layouts, each featuring private balconies or patios. Furthermore, residents benefit from shared amenities such as a swimming pool, a community room, laundry facilities, and multiple playgrounds. The development also includes 310 parking spaces, outdoor seating areas, and over 9,000SF of retail space.
Deal Financing and Brokerage Team
Merchants Bank provided an acquisition loan to finance the affordable housing transaction, while Merchants Capital coordinated the financing. Ariel Property Advisors brokered the deal, with Victor Sozio and Shimon Shkury leading the sales team. Meanwhile, Mike Milazzo and Mathew Wambua of Merchants Capital structured the financing package.
