Sea Park Apartments Value-Add Portfolio with New Construction Development Opportunity
Aquisition of 816 affordable apartments and plans for creating 250 new affordable units
In partnership with affordable and mixed-income real estate developer Tredway and ELH Mgmt, Gilbane Development Company has acquired Sea Park Apartments, an 816-apartment, three-building affordable property located between Surf and Neptune Avenues in Coney Island, Brooklyn. Gilbane Development and its partners will embark on a multi-million-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.
Project Highlights
- Transaction will preserve and extend affordability of the existing 816 units where 591 homes will serve households with a maximum yearly income of 60 percent AMI, 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
- 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
- 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)
Quick Stats
- Location: Brooklyn, NY
- Market: Affordable & Mixed-Income Housing
- Size: 961,000 SF (3 buildings; rehab) 170,000 SF (1 building; new)
3
acquired buildings
816
acquired units (to be rehabbed)
250
new units
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