Coney Island Sea Park Affordable Housing Portfolio Sold for $150M
Arker Companies has sold the Sea Park affordable housing portfolio in Coney Island, Brooklyn for $150 million to a group of affordable housing developers, including Tredway, Gilbane Development Company, and ELH Mgmt. Berkadia and Deutsche Bank provided the financing.
The portfolio includes three multifamily properties and one development site in the Coney Island area. The three multifamily buildings, namely Sea Park North, Sea Park West, and Sea Park East, collectively comprise 818 units spread across 961,043 square feet. Additionally, a development site adjacent to Sea Park North offers the potential for a new housing project with up to 153 residential units and 145,602 square feet. The development team also plans to build 250 new units of holistic affordable housing at the site catering to seniors.
Ariel Property Advisors represented the seller with a team led by Victor Sozio, Shimon Shkury, Benjamin Vago, and Remi Mandell.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.