The Far Rockaway section of the borough of Queens, located on a spit of land along the ocean, is about as far as you can get, in atmosphere as well as in miles, from Times Square and still be in New York City. With its beach and boardwalk, Far Rockaway was a popular summer retreat for city dwellers before attracting tens of thousands of year-round residents with its affordable housing, despite a long subway ride from the rest of the city.
One of the apartment complexes that drew residents to the area was Ocean Park, built in 1971 and comprising 602 units in a pair of towers overlooking the beach. Tredway, an affordable and mixed-income real estate developer that builds and preserves what it describes as 'high-opportunity' housing, announced the acquisition and preservation of Ocean Park. The deal has earned a 2026 CoStar Impact Award for sale/acquisition of the year, as judged by Long Island real estate professionals familiar with the market.
"This sale represents an exciting new chapter for the property, one that will see continued responsible management coupled with vital capital improvements,” said Victor Sozio, founding partner of Ariel Property Advisors and part of the team that arranged the deal. “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 the acquisition, Tredway entered into a regulatory agreement with the city's Department of Housing Preservation & Development, entering all units into rent stabilization and keeping 423 units affordable for people earning 60% of the area median income and 179 units at 80%, preventing substantial imminent rent increases. Residents will also benefit from expanded monthly food distributions in partnership with City Harvest, and swimming 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, Tredway's founder and CEO. “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.”
Blodgett credited a group effort involving federal, state and city housing officials, the area's elected representatives and residents of the complex “for their partnership and commitment to the preservation of Ocean Park.”
“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.”
About the deal: Tredway paid The Related Cos. $88 million to buy the Ocean Park complex with an acquisition loan from Merchants Bank coordinated by Senior Vice President Mike Milazzo and Vice Chairman Mathew Wambua. The new owner is planning a substantial rehabilitation of the beachfront complex, primarily to address decades of deterioration caused by exposure to the elements and salt spray. The scope of work is slated to include critical structural repairs, replacement of the parking deck and roof, extensive waterproofing, window weatherization and facade repair 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 Ocean Park residents and ensure that a valuable source of affordable housing remains available for decades to come.
What the judges said: “This transaction stood out because it represents maintaining and upgrading affordable housing rather than just a simple real estate sale," said Brian Edwards, partner and chief operating officer, of Terra CRG.
“Ocean Park Apartments is a critical rent-stabilized community. This sale shows it’s possible to maintain and improve affordable housing for the future," added Aaron Yassin, partner and director of operations, design and planning for Hive Developers. “Oceanfront rehabilitation is structural preservation, protecting resident safety and long-term asset value," noted Adam E. Rochlin, founder and principal of The Rochlin Organization.
They made it happen: Victor Sozio, founding partner, and Shimon Shkury and Remi Mandell, listing brokers of Ariel Property Advisors, arranged the property sale.