Arker Companies has sold for $150M its Sea Park housing portfolio in Coney Island, including three multifamily buildings encompassing 961K SF and 816 units, to a partnership that is pledging to expand the number of affordable units in the portfolio.
Tredway, Gilbane Development and ELH Management purchased the Sea Park complex, with Berkadia and Deutsche Bank providing financing for the transaction. Ariel Property Advisors represented the seller.
The complex, located at 2930 W. 30th Street. a block away from the beach, includes Sea Park North, Sea Park West and Sea Park East. Will Blodgett, Tredway's CEO, told TheRealDeal that all of the units at the Sea Park complex will be "reserved as affordable for the next 60 years."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
