Sea Park Apartments Value-Add Portfolio

Acquisition and preservation of an 816-apartment affordable housing community in Coney Island, Brooklyn

Gilbane Development, in partnership with Tredway and ELH Mgmt, acquired Sea Park Apartments, an 816-apartment affordable housing community located between Surf and Neptune Avenues in Coney Island, Brooklyn. The acquisition preserves and extends affordability for all 816 existing apartments, including homes serving households earning 50 to 80 percent of Area Median Income and 90 apartments set aside for formerly homeless residents.

Gilbane Development and its partners are undertaking a multi-million-dollar rehabilitation of the three-building Sea Park complex focused on resiliency, energy efficiency, and long-term building performance. Originally built in the early 1970s under New York State’s Mitchell-Lama housing program, Sea Park North, Sea Park East, and Sea Park West continue to serve as a critical source of affordable housing near Coney Island’s boardwalk. The preservation was achieved in conjunction with the New York State Housing Finance Agency, New York State Homes and Community Renewal, and the New York City Department of Housing Preservation and Development.