Tredway Acquires 602-Unit Ocean Park Apartments in Queens for $88M, Extending Affordable Housing in Far Rockaway
Tredway has acquired Ocean Park Apartments, a 602-unit affordable housing complex in Far Rockaway, Queens, the firm announced. The acquisition was completed in May 2025. The property consists of two 26-story towers originally built in 1973, and the transaction preserves and extends affordability at the complex.
Property and Affordability Details
Ocean Park Apartments comprises two 26-story towers originally developed in 1973. The property includes four commercial spaces in addition to its 602 residential units. Under a new regulatory agreement with the NYC Department of Housing Preservation and Development (HPD), all 602 units are rent stabilized. Of those, 423 units are restricted at 60% of area median income (AMI) and 179 units at 80% AMI.
The acquisition price of $88 million translates to approximately $146,180 per unit. Tredway secured $60.5 million in financing through Merchants Bank via Merchants Capital in July 2025.
Rehabilitation Scope at Ocean Park
A rehabilitation program at Ocean Park Apartments is valued at $88 million. The source notes this figure may refer to the total project cost inclusive of acquisition. Specific details regarding the scope of rehabilitation work were not disclosed in the available source material.