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RAP Purchases Ocean Park Affordable Housing Complex

FAR ROCKAWAY, NY-RAP, a Related Cos. subsidiary, acquired Ocean Park Apartments here from the Ocean Park Co. In exchange for receiving tax-exempt financing, RAP will extend the property's affordability under the Mitchell Lama program for an additional 40 years.

By Barbara Jarvie | Updated on February 22, 2005

FAR ROCKAWAY, NY-Maintaining some of the city’s affordable housing stock, Related Apartment Preservation LP acquired Ocean Park Apartments here from the Ocean Park Co. RAP, which is a subsidiary of the New York City-based Related Cos., financed the purchase with $39 million of tax-exempt bonds provided by the New York State Housing Finance Agency. The bonds were credit enhanced by Fannie Mae for 30 years and underwritten by Bank of America. The mortgage loan servicer is American Property Financing.

Related Capital, which is a subsidiary of Charter Mac, will invest approximately $11 million in equity. The financing and equity will enable RAP to invest in property renovations including new roofs, new windows, a complete renovation of the outdoor concrete plaza, building facade repairs and interior and apartment renovations.

The 602-unit multifamily rental Ocean Park was originally constructed in 1972 under New York City’s Mitchell Lama Program. In exchange for receiving the tax-exempt financing, RAP will extend the property’s affordability for an additional 40 years. The two 26-story towers and two single-story commercial buildings are located at 125 Beach 17th St., 120 Beach 19th St., and 1721-1731 Seagirt Blvd. There are 300 one-bedroom units, 250 two-bedroom units and 50 three-bedroom units, and two additional two-bedroom units set aside for the superintendents. The project also contains on-site parking with 329 covered garage spaces and 95 outdoor parking spaces, a swimming pool, playground area, community room and laundry facilities in each building.

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