Sea Park Apartments in Brooklyn, New York

Joint Venture Acquires $150M Sea Park Apartment Complex on Coney Island in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — Tredway, Gilbane Development Co. and ELH Mgmt. have jointly acquired Sea Park Apartments, an affordable community in Brooklyn’s peninsular neighborhood of Coney Island. The sale price was not disclosed, but several media sources are reporting the property traded hands for $150 million. Berkadia and Deutsche Bank are the lenders. ELH Mgmt will serve as property manager. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors arranged the sale on behalf of the undisclosed seller.

Sea Park Apartments comprises 816 apartments across three buildings. Of the total unit count, 589 are available to households earning at or below 60 percent of the area median income (AMI), 159 units to those earning up to 50 percent AMI and 65 homes to those earning up to 80 percent of AMI. The last three units will be set aside for on-site superintendents. Ninety apartments will serve formerly homeless residents. The joint venture plans to renovate the community and build 250 units of affordable housing at the site to be available to seniors.

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