Arverne View

Multiple Addresses

Number of Units:

1,093

Property Size:

10,000 SF

Architect(s):

OCV Architects

Website:

arverneview.com

Arverne View (formerly known as Ocean Village) is a Mitchell-Lama residential complex located in the Arverne Section of Far Rockaway, Queens. Constructed in 1974, the 13-acre complex consists of 1,093 units and is made up of 11 buildings varying in size, from four to 19 stories in height. The development also includes more than 10,000 square feet of retail space and an onsite 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 five feet of water as a result of Hurricane Sandy, L+M closed on the acquisition and construction financing in November 2012. With partners NYC Housing Development Corporation (HDC), U.S. Department of Housing and Urban Development (HUD), NYC Housing & Preservation Department (HPD), Citibank, and L+M’s in-house preservation equity fund known as NYAH, the firm executed a $60 million rehabilitation covering the renovation of apartment interiors, the building common areas, reconstruction of site landscape, roof replacement, and mechanical and electrical equipment upgrades. In addition, the existing concrete facade was newly clad with an exterior finishing system to insulate the buildings.

As part of the preservation transaction, L+M will maintain the affordability of Arverne View, ensuring the apartments 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 coastal beauty and many recreation opportunities in the Rockaways.


News

How to Build Affordable Housing in New York City

The New York Times highlighted L+M and Arverne View.

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Sandy-Damaged Complex Reopens

The low- to moderate-income Mitchell-Lama housing, Arverne View, at Far Rockaway has officially reopened.

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Short Film Documents the Change at Rockaway Housing Complex Arverne View

Short Film Documents the Change at Arverne View.

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TRANSFORMED: A Tale of the Rockaways

A documentary on L+M's efforts to rehabilitate a community devastated by Hurricane Sandy

Watch

Rockaway Residents Look Back at Hurricane Sandy and the Move to Arverne View

Three Arverne View residents discuss their Sandy experience and their opinion of Arverne View.

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Far Rockaway's Ocean Village Gets a Makeover

After years of neglect Ocean Village gets a makeover.

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New York Times: New Life Takes Hold After Hurricane and Blight

Family dislocated by Sandy find temporary refuge in Ocean Village.

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NY Daily News: Ocean Village Set to get new owner

New hope on the horizon for Rockaway Development.

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New York Times: Ocean Village gets new owner

Ocean Village complex gets a new owner and new lease on life.

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