Affordable housing developer Tredway, has secured a $60.5 million balance sheet acquisition loan for the preservation of Ocean Park Apartments, a 602-unit affordable housing community located in Far Rockaway, N.Y., a neighborhood in Queens. Merchants Capital facilitated the loan from Merchants Bank to make necessary repairs and preserve the asset’s long-term affordability for residents.
According to Yardi Matrix, Ocean Park Apartments was built in the 1970s. Tredway purchased the property in May of this year for $88 million from Related Cos., the same source shows.
READ ALSO: National Affordable Housing Report
Ocean Park Apartments includes two 26-story buildings with floorplans ranging from one to three-bedroom apartments. On site amenities include a physical therapy center, pharmacy, grocer and quick-service retail. Residents also have access to a playground, swimming pool and on-site laundry. Located at 125 Beach 17th St., the community is proximate to the Rockaway Beach Boardwalk.
Renovation plans will address the deterioration the buildings have seen due to their location near the beach. This will include replacing the parking deck, waterproofing improvements, window weatherization and other upgrades that align with Local Law 11, which requires that all buildings taller than six stories have their facades inspected every five years by the NYC Department of Buildings.
The building will also become more energy efficient with the installation of low-flow fixtures, heating and cooling controls. The renovations began in May following the acquisition and are expected to wrap up next year.
Tredway has also partnered with City Harvest, New York City’s largest food rescue organization, for a monthly food distribution program in the community. Additionally, Rising Tides Effect will be providing residents with water safety programs so residents can learn to swim.
Affordable ocean views preserved
When Tredway purchased the Ocean Park Apartments, the company came to a regulatory agreement with the Department of Housing Preservation & Development that expanded affordability for 423 apartments at the community for renters earning for 60 percent of the Area Median Income. The remaining 179 apartments are for those earning 80 percent AMI. The new expiration date for Section 42 Low-Income Housing Tax Credits is 2045, according to Yardi Matrix.
The same data shows that the maximum allowable rent for the community range is listed as between $1,822 for a one-bedroom to $2,527 for a three-bedroom/two-bathroom apartment. This is below the average market rent, which ranges between $2,511 and $3,465 for the same layout.
Queens’ multifamily market remains solid throughout 2025. The latest Yardi Matrix report found that the occupancy rate in the borough fell 40 basis points year-over-year to 98.4 percent, but is still ahead of the national average of 94.5 percent. The area currently has over 12,000 units under construction.
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