Ocean Towers is a 360-unit property that was constructed in 1973 under the Mitchell-Lama program. Located in the Coney Island section of Brooklyn, the property is in an area that was especially hard hit by Hurricane Sandy. The neighborhood is also one where affordable housing is scarce.
Partnering with Proto Property Services, CDT purchased Ocean Towers in 2013. This $52 million project will provide energy-efficient upgrades and system replacements that will make the property more environmentally sustainable as well as more resilient against future storms. Beyond a $10 million equity investment from CDT and Proto, the redevelopment project brought together a wide variety of funding sources that include the New York City Acquisition Fund, Enterprise Community Loan Fund, Bank of America, the New York City Department of Housing Preservation and Development, the Brooklyn Borough President’s Office, the Community Preservation Corporation, the State of New York Mortgage Agency, and the New York City Employee Retirement System