Tredway's New Acquisition Fortifies Affordable Housing in Queens

Tredway Strengthens Affordable Housing in Queens

Introduction
On May 8, 2025, Tredway, an established player in the affordable and mixed-income real estate sector, announced a significant move with the acquisition of Ocean Park Apartments, located at 125 Beach 17th Street in the Far Rockaway neighborhood of Queens, New York. This multi-family property consists of 602 rental units, all of which are designated for families. The acquisition aims to enhance housing security for low to moderate-income residents in a community facing supply constraints.

Regulatory Compliance and Affordability Maintenance
As part of this strategic acquisition, Tredway finalized a new regulatory agreement with the New York City Department of Housing Preservation and Development (HPD). This agreement will bring all units within the scope of rent stabilization, thereby extending the affordability status for 423 apartments designated for residents earning 60% of the Area Median Income (AMI) and 179 units for those at 80% AMI. This proactive stance on rent stabilization is crucial in shielding residents from potential rent surges, a pivotal step in maintaining housing stability.

Community and Quality of Life Enhancements
Moreover, residents of Ocean Park Apartments will enjoy an array of improved services. In collaboration with City Harvest, Tredway plans to roll out expanded food and nutrition services. Additionally, the Rising Tide Effect nonprofit will provide swimming and water safety lessons, integrating vital community resources that promote health and well-being among the residents.

Commitment to Accessibility and Sustainability
In discussing the significance of this acquisition, Will Blodgett, Founder and CEO of Tredway, emphasized the company's commitment to preserving affordable housing while improving the living environment. This initiative is not just about stabilizing rents but also about implementing crucial capital repairs, enhancing energy efficiency, and delivering social services that meet community needs. The organization believes that providing safe and quality housing is essential for socio-economic mobility in American society.

Long-Term Rehabilitation Plans
To ensure the longevity of this property, Tredway aims to tackle significant rehabilitation efforts, focusing on repairs necessitated by years of exposure to adverse weather conditions. The planned renovations will involve important structural fixes, the complete overhaul of the parking deck, waterproofing initiatives, replacement of windows and roofs, and compliance work as stipulated by Local Law 11.

In addition to these structural improvements, Tredway is committed to introducing climate resilience measures by installing energy-efficient fixtures. These upgrades will include the implementation of low-flow water fixtures, LED lighting, and Energy Star-rated appliances. This multi-faceted approach not only aims to enhance the livability for current residents but also ensures that affordable housing remains sustainable for the coming decades.

Financial Backing and Support
The financing strategy for this initiative involves a loan coordinated through Merchants Bank, under the management of industry professionals Michael Milazzo and Mathew Wambua. The transaction was facilitated by the brokerage services of Victor Sozio and Shimon Shkury from Ariel Property Advisors, paving the way for the preservation of invaluable housing resources targeted at working families.

Conclusion
The collaborative efforts of Tredway and various stakeholders, including governmental bodies and local community organizations, highlight the importance of preserving affordable housing in Far Rockaway. As New York City grapples with a growing housing crisis, such initiatives are pivotal in preventing displacement among residents and ensuring that local families can build secure futures in their communities. Tredway's investment in Ocean Park Apartments epitomizes a model of responsible housing development, where quality and community integration thrive together, ensuring that Far Rockaway remains an affordable and nurturing home for its residents.