Tredway Plans Enlargement at Newly Acquired Coney Island Neighborhood

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Following its first Brooklyn deal, the agency will add a serious inexpensive part for seniors.

The Sea Park property in Coney Island, Brooklyn. Picture courtesy of Marko Tatarac, Desophy

Tredway is increasing an present inexpensive housing neighborhood it has bought in Brooklyn’s Coney Island neighborhood. The agency partnered with Gilbane Growth Co. and ELH Mgmt to accumulate Sea Park Flats from Arker Cos. for $150 million, a Tredway spokesperson advised Multi-Housing Information.

The vendor was represented by Ariel Property Advisors’ Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell. Berkadia and Deutsche Financial institution have supplied debt to the venture. ELH Mgmt will function the property supervisor. The New York State Houses and Neighborhood Renewal, the New York State Housing Finance Company and the New York Metropolis Division of Housing Preservation and Growth assisted with the preservation and creation of latest inexpensive housing on the venture.

Sea Park Flats gives 816 models in studio, one-, two-, three-, four- and five-bedroom floorplans throughout three buildings. Based on Tredway, 589 of the models are reserved for these making as much as 60 % of the realm’s median earnings, 159 of the models are for these making as much as 50 % AMI, and 65 of the models are reserved for these making as much as 80 % AMI. Tredway can also be setting apart 90 residences for previously homeless residents and three models for superintendents.

Tredway has plans for a multimillion-dollar rehabilitation course of for the whole thing of the Sea Park house advanced. The renovations name for quality-of-life enhancements to the inside and exterior courtyards, renovations to the neighborhood room and power effectivity upgrades. A brand new part totaling 250 models of inexpensive housing, to be reserved for seniors, will probably be positioned adjoining to the prevailing Sea Park North constructing.

Breaking floor in Brooklyn

That is Tredway’s first Brooklyn deal. The corporate, which was based in November 2021 and focuses on inexpensive and mixed-income initiatives throughout the U.S., has delivered greater than 30,000 models throughout the U.S., together with 1000’s of inexpensive houses in New York.

Gilbane just lately opened a 183-unit inexpensive housing neighborhood within the Bronx. The corporate, together with Hudson Cos. and Mutual Housing Affiliation of New York, broke floor on the venture’s first section in November 2019.