The real estate developer Tredway purchased Ocean Park Apartments, located at 127 Beach 17th St. in Far Rockaway, for $88 million.
Photo courtesy of Tredway
The affordable and mixed-income real estate developer Tredway announced it has acquired the 602-unit family-designated Ocean Park Apartments, located at 125 Beach 17th St. in Far Rockaway.
As part of this $88 million acquisition, Tredway entered into an agreement with the New York City Department of Housing Preservation and Development (HPD) to bring all the units at Ocean Park Apartments into rent stabilization. The agreement also calls for the affordability to be extended for 423 of the 602 units at 60% of the area median income and the other 179 units at 80% of the area median income.
“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,” Tredway Founder and CEO Will Blodgett said. “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.”
In addition to making sure all the units are affordable and residents are protected from rent increases, Tredway also partnered with City Harvest to provide expanded food and nutrition services at Ocean Park Apartments. Rising Tide Effect will also be offering swim and water safety lessons at the complex, courtesy of a partnership between the nonprofit and Ocean Park Apartments.
There are plans to perform substantial rehabilitative work on Ocean Park, primarily to correct decades of the beachfront complex’s deterioration as a result of excessive exposure to salt spray and the elements. Such work will include structural repairs, replacing the parking deck, extensive waterproofing, weatherizing the windows, replacing the roof and work across the site related to Local Law 11, which would ensure the exterior walls are inspected and made structurally sound.
“Preserving affordable housing in Far Rockaway is essential to protecting our communities from displacement and ensuring local families can continue to build their futures here,” New York City Council Majority Whip Selvena Brooks-Powers said. “I’m proud to support this important investment at Ocean Park, which will keep over 600 units affordable, improve quality of life for residents and enhance long-term climate resiliency. I thank Tredway, HPD and all our partners for their commitment to keeping Far Rockaway a place where working families can thrive.”
The acquisition of this property also reflects Tredway’s dedication to bringing new climate norms to New Yok City. The real…
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