The old Ocean Village apartments were in bad shape when Hurricane Sandy struck in 2012.
Located next to the Rockaway Beach boardwalk in Queens, N.Y., the development was distressed physically and financially when the storm poured 5 feet of water into its electrical rooms.
L+M Development Partners was about to buy the property when the storm hit. Even with extensive damages at the site, the firm closed the deal 11 days later.
“Hurricane Sandy was a wake-up call for us. We used the event to rethink the scope of work we were performing,” says Rick Gropper, director of development.
Now called Arverne View, the 1,093-unit community has more than a new name. The rehabilitation included replacing all bathrooms and kitchens and installing a new security system. The resiliency work included installing generators on the roof, elevating the electrical infrastructure, and adding a flood barrier.
The apartments serve households earning no more than 80 percent of the area median income (AMI), with 25 percent reserved for those earning no more than 60 percent of the AMI.
The project cost approximately $200 million, including assumed debt. The New York City Housing Development Corp. provided tax-exempt bond financing through its Recycled Bonds Program.