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.
The Arverne View Tenants Association, which represents more than 3,000 residents at their apartment complex in Far Rockaways, recently recognized its neighbors and peers who exemplify the Tenant Association’s motto: ‘tenants together’.Read More
Our team is looking for ways to conserve energy from the early planning stages to retrofitting existing buildings. At Arverne View, that meant a combination of energy efficiency measures and resiliency planning.Read More
L+M put its stamp on the neighborhood with its redevelopment of the sprawling rental property Arverne View.Read More
The New York Times highlighted L+M and Arverne View.Read More
Short Film Documents the Change at Arverne View.Read More
The low- to moderate-income Mitchell-Lama housing, Arverne View, at Far Rockaway has officially reopened.Read More
A documentary on L+M's efforts to rehabilitate a community devastated by Hurricane SandyWatch
Three Arverne View residents discuss their Sandy experience and their opinion of Arverne View.Read More
After years of neglect Ocean Village gets a makeover.Read More
Family dislocated by Sandy find temporary refuge in Ocean Village.Read More
Ocean Village complex gets a new owner and new lease on life.Read More