Ocean-Park-Apartments-Queens

Merchants Bank Provides $60 Million for Queens Affordable Housing Preservation, Redevelopment

by Lynn Peisner

NEW YORK CITY — Merchants Bank has provided a loan totaling approximately $60 million for Tredway, a Manhattan-based affordable housing investment and development firm, to renovate and to preserve affordability at Ocean Park Apartments in the Queens’ neighborhood of Far Rockaway. Merchants Capital arranged the financing.

Tredway acquired the asset earlier this year, at which time the company entered into a new regulatory agreement with New York’s Department of Housing Preservation & Development to rent stabilize the property and set rent caps for tenants earning no more than 60 to 80 percent of area median income.

The 602-unit property consists of two 26-story towers with one, two and three-bedroom apartments and four commercial spaces. Renovation work began in May and is expected to be completed in 2026.

Tredway’s renovations to the 52-year-old property include replacing the parking deck, providing waterproofing and window weatherization and other structural and façade improvements as well as energy-efficient measures such as installation of low-flow fixtures, new heating and cooling controls and other electricity and water-conservation measures.

Amenities at Ocean Park include a pool, onsite parking, multiple playgrounds, a community room and approximately 9,000 square feet of retail space that houses a physical therapy center, a pharmacy and quick-service retail.

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