Formerly known as Ocean Village, the development was distressed physically and financially even before Superstorm Sandy poured water into its electrical rooms, blew off roof fans, and shattered windows.
The owners made significant capital repairs to the project to address vacant, uninhabitable units, long-neglected repairs, and storm damage.
The financing of the $200 million project included tax-exempt bond financing through the New York City Housing Development Corp.’s Recycled Bonds Program, which recycles loan prepayments from bond-financed projects into new loans.
Made up of 11 buildings, the project features 1,093 apartments ranging in size from studios to five-bedroom units. Developers used the federal Rental Assistance Demonstration program to convert many of the apartments to a new project-based Sec. 8 contract.