Tredway acquires 602-unit Ocean
Park Apartments for $88 million

Queens, NY Tredway, an affordable and mixed-income real estate developer, has acquired Ocean Park Apartments, a 602-unit, family-designated property located at 125 Beach 17^th St. in the Far Rockaway section of the borough.

Concurrent with the acquisition, Tredway entered into a new regulatory agreement with the New York City Department of Housing Preservation & Development (HPD) to bring all units into rent stabilization and extend the affordability of 423 units at 60% AMI and 179 units at 80% AMI, preventing substantial imminent rent increases. Residents will also benefit from expanded food and nutrition services in partnership with City Harvest and swim and water safety lessons provided by the nonprofit Rising Tide Effect.

“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 and CEO, Tredway.

The acquisition is being 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.

“We are grateful to the U.S. Department of Housing and Urban Development (HUD), New York State Housing Finance Agency (HFA), HPD, assembly member Stacey Pheffer Amato, council member Selvena Brooks-Powers and to the Ocean Park Tenants’ Association and all of its residents for their partnership and commitment to the preservation of Ocean Park,” said Blodgett.

“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,” said New York City council majority whip Selvena Brooks-Powers. “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.”

A substantial rehabilitation is planned for the beachfront complex, primarily aimed at correcting decades of deterioration caused by exposure to the elements and salt spray. The scope of work is slated to include critical structural repairs, the complete replacement of the parking deck, extensive waterproofing, window weatherization, roof replacement, and Local Law 11 work across the site.

As a firm dedicated to preparing New York City for new climate norms, Tredway is investing in new resiliency infrastructure and will improve the property’s energy- efficiency by installing low flow fixtures, LED lights, and Energy Star appliances, in addition to other electricity and water conservation measures. These changes will provide stability for current residents of Ocean Park and ensure a valuable source of affordable housing remains available for decades to come.

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. In addition to oceanfront-living, residential amenities include a large swimming pool, onsite parking, multiple playgrounds and outdoor spaces, a spacious community room and over 9,000 s/f of retail space which currently houses a physical therapy center, pharmacy, grocer, and quick service retail.