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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.
- ◦Sale/Acquisition
