NEW YORK, NY – May 7, 2025 – Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, announced the acquisition and preservation of Ocean Park, a 602-unit, family-designated apartment complex located at 125 Beach 17th Street in the Far Rockaway section of Queens.

An Ariel Property Advisors’ team comprised of Victor Sozio, Founding Partner; Shimon Shkury, President and Founder; Remi Mandell, Director, Research & Sales; and Jake Brody, Associate Director, arranged the transaction.

"This sale represents an exciting new chapter for the property, one that will see continued responsible management coupled with vital capital improvements,” Sozio said. “I'm proud to have played a role in a transaction that prioritizes both affordability and the long-term well-being of the community."

Concurrent with acquisition, Tredway has entered into a new regulatory agreement with the Department of Housing Preservation & Development (HPD), entering all units into rent stabilization and extending the affordability of 423 units at 60 percent area median income (AMI) and 179 units at 80 percent AMI income, preventing substantial imminent rent increases. Residents will also benefit from expanded monthly food distributions in partnership with City Harvest and swim and water safety programming provided by the nonprofit Rising Tides Effect.

“We are pleased to take on the stewardship of Ocean Park and to execute a preservation that significantly strengthens the property’s affordability while providing for critical capital repairs, energy-efficiency improvements, and expanded social services,” said Will Blodgett, Founder & CEO, Tredway. “The institution of rent stabilization at Ocean Park will protect current and future residents from rapidly rising rental prices and maintain the property as a beacon of opportunity for the entire Far Rockaway community.”

“We are grateful to the Department of Housing and Urban Development (HUD), New York State Housing Finance Agency (HFA), HPD, Assembly Member Stacey Pheffer Amato, Council Member Selvena Brooks-Powers and to the Ocean Park Tenants’ Association and all of its residents for their partnership and commitment to the preservation of Ocean Park,” added Blodgett.

“Preserving affordable housing in Far Rockaway is essential to protecting our communities from displacement and ensuring local families can continue to build their futures here,” said New York City Council Majority Whip Selvena N. Brooks-Powers. “I’m proud to support this important investment at Ocean Park, which will keep over 600 units affordable, improve quality of life for residents, and enhance long-term climate resiliency. I thank Tredway, HPD, and all our partners for their commitment to keeping Far Rockaway a place where working families can thrive.”

A substantial rehabilitation is planned for the beachfront complex, primarily aimed at correcting decades of deterioration caused by exposure to the elements and salt spray. The scope of work is slated to include critical structural repairs, the complete replacement of the parking deck, extensive waterproofing, window weatherization, roof replacement, and Local Law 11 work across the site.

As a firm dedicated to helping prepare New York City for new climate norms, Tredway has earmarked funds for new resiliency infrastructure and will improve the property’s energy- efficiency by installing low flow fixtures, LED lights, and Energy Star appliances in addition to other electricity and water conservation measures. Taken together, these changes will provide stability for current residents of Ocean Park and ensure a valuable source of affordable housing remains available for decades to come.

Originally developed under the city’s Mitchell-Lama program in 1973, Ocean Park consists of two, 26-story towers offering one, two and three-bedroom apartments. Residential amenities include a large swimming pool, onsite parking, multiple playgrounds, a spacious community room and over 9,000 square feet of retail space which currently houses a physical therapy center, pharmacy, and quick service retail. Most notably, Ocean Park is situated on one of the nation’s best beaches, which has undergone significant revitalization in recent years.

The acquisition is being financed with an acquisition loan from Merchants Bank, coordinated by Mike Milazzo and Mathew Wambua Merchants Capital.