T
redway, a real estate developer specializing in affordable and mixed-income housing, has acquired the 602-unit Ocean Park Apartments in Far Rockaway for $88 million. The property, located at 125 Beach 17th St., was purchased from its previous owner.

    As part of the acquisition, Tredway entered into an agreement with the New York City Department of Housing Preservation and Development (HPD) to bring all units under rent stabilization. This will ensure that 423 units remain affordable for residents earning 60% of the area median income, while 179 units will be available at 80% of the area median income.

    "We're pleased to take on the stewardship of Ocean Park and implement a preservation plan that strengthens affordability, addresses capital repairs, and expands social services," said Tredway Founder and CEO Will Blodgett. "Rent stabilization will protect current and future residents from rising rental prices and maintain the property as a beacon for opportunity in Far Rockaway."

    Tredway has also partnered with City Harvest to provide expanded food and nutrition services at Ocean Park Apartments, while Rising Tide Effect will offer swim and water safety lessons through a partnership with the complex.

    The property requires significant rehabilitative work due to decades of deterioration from salt spray and environmental exposure. Tredway plans to address this by performing structural repairs, replacing the parking deck, waterproofing, weatherizing windows, and installing new roofs.

    New York City Council Majority Whip Selvena Brooks-Powers praised the acquisition, stating, "Preserving affordable housing in Far Rockaway is essential to protecting our communities from displacement... I'm proud to support this investment at Ocean Park, which will keep over 600 units affordable."

    Tredway aims to improve energy efficiency at Ocean Park Apartments through low-flow fixtures, LED lights, and other conservation measures. This effort reflects the company's commitment to adapting to new climate norms in New York City.

    "We're grateful for the partnership of HUD, HFA, HPD, Assembly Member Stacey Pheffer Amato, Council Member Selvena Brooks-Powers, and the Ocean Park Tenants' Association," Blodgett said. "Their support is crucial to preserving Ocean Park."

    Ocean Park Apartments was originally developed in 1973 under New York City's Mitchell-Lama program. The property features two 26-story towers with units ranging from one-bedroom to three-bedroom apartments. Amenities include a swimming pool, on-site parking, playgrounds, and over 9,000 square feet of retail space.

    A loan from Merchants Bank financed Tredway's purchase, coordinated by Michael Milazzo and Mathew Wambua. Victor Sozio and Shimon Shkury of Ariel Property Advisors brokered the sale.