L+M Development Partners, Inc.

Architect:

OCV Architects

Scope Of Work

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  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  an onsite daycare center. When L+M identified the property, it had significant deferred maintenance, more than 300 vacant units  was nearly insolvent.

Leveraging its in-house development, management,  construction expertise, the team structured a preservation transaction incorporating a major rehabilitation  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.