Ocean Bay housing development
NEW YORK CITY—The $560 major rehabilitation of the Ocean Bay Apartments, a 24-building, 1,396-unit public housing complex located at Beach Channel Drive between Beach 54th and Beach 58th streets in Far Rockaway, Queens, has been completed. The redevelopment was New York City Housing Authority's first and the country's largest single-site conversion under HUD's Rental Assistance Demonstration. This program allows housing authorities to use private capital for funding, while protecting affordability.
Built in the early 1960s, Ocean Bay suffered from significant federal divestment. In 2012 Hurricane Sandy extensively damaged the complex which houses nearly 4,000 residents, The property desperately needed repair, from in-unit renovations to the major rehabilitation of building infrastructure.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
