57-17 Shore Front Parkway, Arverne, NY
Arverne View (formerly known as Ocean Village) is a Mitchell Lama residential complex located in the Arverne Section of Far Rockaway. Constructed in 1974, the 13-acre complex consists of 1,093 units and is made up of 11 buildings varying in size from 4 to 19 stories in height. The development also includes more than 10,000 square feet of retail and an on-site daycare center. When L+M identified the property, it had significant deferred maintenance, more than 300 vacant units and was nearly insolvent.
Leveraging its in-house development, management, and construction expertise, the team structured a preservation transaction incorporating a major rehabilitation and a strategy to stabilize operations. Despite being inundated with more than 5 feet of water as a result of Hurricane Sandy, L+M closed on the acquisition and construction financing in November 2012. With partners NYC HDC, HUD, HPD, Citi, and L+M’s in-house preservation equity fund known as NYAH, the firm executed a $60M rehabilitation covering apartment interiors, building common areas, reconstruction of site landscape, roof replacement, and mechanical and electrical equipment upgrades. In addition, the existing concrete facade was clad with an exterior finishing system to insulate the buildings.
As part of the preservation transaction, L+M assured Arverne View would remain affordable to individuals and families earning no more than 80% of the area median income for years to come. In the months following the construction closing, the 360 vacant units were quickly leased to families looking to enjoy the natural beauty and plentiful recreation opportunities in the Rockaways.