Tredway Acquires Far Rockaway Affordable for $88M
Tredway, an affordable and mixed-income real estate developer, completed the $88-million acquisition of Ocean Park Apartments, a 602-unit property located at 125 Beach 17th St. in the Far Rockaway section of Queens. The acquisition was 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.
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% AMI and 179 units at 80% AMI.
“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 & CEO, Tredway.
Originally developed under the city’s Mitchell-Lama program in 1973, Ocean Park consists of two, 26-story towers offering one, two and three-bedroom apartments.
Other News
Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use
Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...
Learn more
Logisco Launches $60M Quebec Rental Project With New Brand
Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...
Learn more
Virtus Buys Hamilton Retirement Residence For $26M
Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout