Tredway Announces the Acquisition and Preservation of Sea Park Apartment Complex in Coney Island, Brooklyn
Tredway, Gilbane Development Company and ELH Mgmt will extend Sea Park’s affordability for 60 years and transition market units to affordable New owners plan to build 250 units of new, affordable senior housing at the site
NEW YORK, May 24, 2023— Tredway, an affordable and mixed-income real estate developer focused on building and preserving high-quality, high-opportunity attainable housing, in partnership with Gilbane Development Company and ELH Mgmt today announced the acquisition of Sea Park Apartments, a 816-apartment, three-building affordable property located between Surf and Neptune Avenues in Coney Island, Brooklyn.
“We are pleased to protect, preserve and produce new affordable homes at Sea Park, a framework that will increase access to opportunity for all current and future residents,” said Will Blodgett, CEO & Founder, Tredway. “The investments we are making will lead to a more affordable, connected, diverse, healthy and vibrant community and foster economic stability for the thousands of New Yorkers who call Sea Park and the wider Coney Island neighborhood home.”
“This outcome would not have been possible without the support of our partners, both public and private,” Blodgett added. “I personally want to thank HPD, HFA and HCR for working collaboratively to deliver more affordable housing and address the specific needs of our residents.”
“Gilbane Development Company is thrilled to execute another transaction with our partners Tredway and ELH Mgmt. that will preserve and extend affordability of 816 units and create 250 newly constructed units of senior affordable housing,” noted Ed Broderick, President and CEO of Gilbane Development Company. “The scale of the transaction requires sophisticated and well capitalized partners to execute and we are grateful for the partnerships that led us here.”
591 homes will serve households with a maximum yearly income of 60 percent AMI and 153 homes will serve those with a maximum income of 50 percent AMI and 71 homes will be available to serve households earning 80 percent AMI or less. 90 apartments will be set aside for formerly homeless residents. There are three Superintendent’s units for a total of 816.
Tredway and its partners will embark on a multimillion-dollar rehabilitation of the entire Sea Park complex focused on strengthening its resiliency and making the property more energy efficient.
The development team also intends to utilize existing air rights to create 250 units of a new, ground-up affordable housing catering to seniors on a site adjacent to Sea Park North.
Berkadia and Deutsche Bank are the mortgage lenders. New York City-based ELH Mgmt will serve as property manager.
The preservation and creation of new affordable housing at Sea Park Apartments was achieved in conjunction with the New York State Housing Finance Agency (HFA), New York State Homes and Community Renewal (HCR) and the New York City Department of Housing Preservation and Development (HPD).
Built in the early 1970s under the state’s Mitchell-Lama housing program, the three-tower complex—dubbed Sea Park North, Sea Park East and Sea Park West—has long served as a critical source of low-income housing on the doorstep of Coney Island’s famous boardwalk. Its experimental design, featuring corridors that were once open-air, setbacks and courtyards, is emblematic of urban renewal projects in the mid-1970s which challenged the traditional look and feel of monolithic low-income housing developments.
About Tredway
Founded in 2021 by Will Blodgett, Tredway is an affordable and mixed-income real estate developer focused on building and preserving high-quality, high-opportunity housing across America. We recognize that solving the nation’s housing crisis—one of the most pressing issues of this generation—requires long-term partnerships with all stakeholders including government, capital, community and residents alike. Together, our team has created and preserved more than 30,000 multifamily units and provided the critical foundation of a stable and safe home for countless families and communities. To learn more about partnering with us, visit: https://www.tredway.com/
About Gilbane Development Company
Gilbane Development Company is the real estate development, financing, management, and ownership arm of Gilbane, Inc., a 150-year-old family-owned company. With over $8.5 billion in development and more than 20,000 units of housing completed/underway, Gilbane Development Company’s projects incorporate every aspect of real estate including multifamily housing (affordable housing, market rate apartments, and student housing); dynamic mixed-used communities; higher education facilities; healthcare facilities; K-12 schools; government facilities; and, many types of facilities delivered through public-private partnerships. To learn more, visit www.gilbaneco.com/development.