Tredway has begun the rehabilitation of Ocean Park Apartments, a 602-unit affordable housing complex located in Far Rockaway, Queens. Backed by $60.5 million in financing from Merchants Capital, the project aims to preserve long-term affordability for the property and address structural deterioration. The financing includes a balance sheet acquisition loan provided by Merchants Bank. The property is bounded by Seigert Boulevard to the north and Beach 17th and 19th Streets to the east and west.
Ocean Park Apartments consists of two 26-story towers containing one-, two-, and three-bedroom units, along with four commercial spaces. A new regulatory agreement with the NYC Department of Housing Preservation and Development (HPD) ensures that all units remain rent-stabilized. Of the 602 apartments, 423 will be affordable to households earning up to 60 percent of the area median income (AMI), and 179 will be affordable at 80 percent AMI.
Rendering of Ocean Park Apartments, courtesy of DeSophy Creative Agency
The rehabilitation scope includes structural repairs, replacement of the parking deck, waterproofing, and compliance with Local Law 11. Energy-efficient upgrades such as low-flow fixtures, heating and cooling controls, and conservation measures are also planned.
Onsite amenities include a swimming pool, playgrounds, a community room, and more than 9,000 square feet of retail space. Residents will also benefit from expanded food distributions in partnership with City Harvest and water safety programming from Rising Tides Effect.
The Ocean Park Apartments are accessible via the A train at the Beach 25th Street station.
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Hi please send me info on your studio apartments Thank You
Jacob,
First, they have only one-bedroom, two-bedroom, and 3-bedroom apartments. If you are still interested, just google “Ocean Park Apartments, Far Rockaway, Queens” and it will bring you to Related Management (the management company that owns and manages the property), and you can email them about possible openings.
Glenn in Brooklyn, NY