Sea Park in Coney Island to Undergo $80 Million Rebuild
October 18, 2004
Empire State Development
Press Office
(212) 803-3740
www.nylovesbiz.com
FOR RELEASE: IMMEDIATE
10/18/2004
ESD CHAIRMAN ANNOUNCES SALE OF LOW-INCOME HOUSING COMPLEX
Sea Park in Coney Island to Undergo $80 Million Rebuild
Empire State Development Corp. (ESDC) Chairman Charles A. Gargano today announced the sale of Sea Park, a low-income housing project one block from the Boardwalk in Coney Island by New York State to the Arker Companies and the Related Capital Company. The private development team plans to spend $80 million to refurbish the apartments.
"We are very pleased that Sea Park East and West will continue to provide more than 800 units of low-income housing for the people of Coney Island for decades to come,” said Gargano. “It is Governor Pataki's goal to preserve affordable housing throughout the state and Sea Park East and West is another great example of a public-private partnership which leveraged private investment in affordable housing and brought about the capital repairs needed for this complex. In addition, this project will create 125 construction jobs over the next few years in the community.”
Sea Park is made up of three groups of high-rise buildings between Surf and Neptune Avenues and West 27th Street and West 30th Street. The sale by ESDC involves 816 apartments that will be renovated including new kitchens and bathrooms, along with façade repairs and a new roof.
Matt Schwartz, vice-president of Related Capital said, “Upon completion of the revitalization, Sea Park will be a tremendous asset to the Coney Island community, offering high-quality housing at rents that will remain as much as $1,500 below comparable market-rate units.” “The development of quality affordable housing is critical to achieving economic diversification in Coney Island and improving the neighborhood’s quality of life.”
The team of developers, Arker and Related Capital has put together an $80 million plan to rebuild the properties and continue their operation as a low-income housing project. Residents would receive federal housing vouchers to limit rents to 30 percent of income. Going forward, tenant annual income cannot exceed $37,000, which is 60 percent of the median income for a family of four in the area. A number of apartments will be reserved for formerly homeless families.
The Arker Companies is a developer of subsidized housing and the Related Capital Company, a subsidiary of Charter Mac, specializes in providing financing for multifamily properties.
Sea Park was built in the 1970s through the Mitchell-Lama housing program. While some former Mitchell-Lama buildings are being converted to market-rate condominiums, Sea Park will continue to serve low-income housing needs for at least the next 40 years.
October 18, 2004
Empire State Development
Press Office
(212) 803-3740
www.nylovesbiz.com
FOR RELEASE: IMMEDIATE
10/18/2004
ESD CHAIRMAN ANNOUNCES SALE OF LOW-INCOME HOUSING COMPLEX
Sea Park in Coney Island to Undergo $80 Million Rebuild
Empire State Development Corp. (ESDC) Chairman Charles A. Gargano today announced the sale of Sea Park, a low-income housing project one block from the Boardwalk in Coney Island by New York State to the Arker Companies and the Related Capital Company. The private development team plans to spend $80 million to refurbish the apartments.
"We are very pleased that Sea Park East and West will continue to provide more than 800 units of low-income housing for the people of Coney Island for decades to come,” said Gargano. “It is Governor Pataki's goal to preserve affordable housing throughout the state and Sea Park East and West is another great example of a public-private partnership which leveraged private investment in affordable housing and brought about the capital repairs needed for this complex. In addition, this project will create 125 construction jobs over the next few years in the community.”
Sea Park is made up of three groups of high-rise buildings between Surf and Neptune Avenues and West 27th Street and West 30th Street. The sale by ESDC involves 816 apartments that will be renovated including new kitchens and bathrooms, along with façade repairs and a new roof.
Matt Schwartz, vice-president of Related Capital said, “Upon completion of the revitalization, Sea Park will be a tremendous asset to the Coney Island community, offering high-quality housing at rents that will remain as much as $1,500 below comparable market-rate units.” “The development of quality affordable housing is critical to achieving economic diversification in Coney Island and improving the neighborhood’s quality of life.”
The team of developers, Arker and Related Capital has put together an $80 million plan to rebuild the properties and continue their operation as a low-income housing project. Residents would receive federal housing vouchers to limit rents to 30 percent of income. Going forward, tenant annual income cannot exceed $37,000, which is 60 percent of the median income for a family of four in the area. A number of apartments will be reserved for formerly homeless families.
The Arker Companies is a developer of subsidized housing and the Related Capital Company, a subsidiary of Charter Mac, specializes in providing financing for multifamily properties.
Sea Park was built in the 1970s through the Mitchell-Lama housing program. While some former Mitchell-Lama buildings are being converted to market-rate condominiums, Sea Park will continue to serve low-income housing needs for at least the next 40 years.