Brookfield and Tredway Purchase Interest in Four Coney Island Properties

Developers Brookfield and Tredway have purchased a general partner interest in four affordable multifamily buildings in Coney Island, Brooklyn, according to a spokesperson for Tredway.

The purchase amount was not disclosed, and the transaction occurred without a broker.

The buildings involved are 3325 Neptune Avenue, 3395–3415 Neptune Avenue, 2920–2940 West 21st Street and 2760 West 33rd Street. They contain a total of 1,096 units.

Together, Brookfield and Tredway assumed most of the existing Freddie Mac debt held by the former majority owner, an affiliate of Pembroke Companies, and took over majority ownership of the buildings. The Pembroke affiliate will retain management duties for the building.

Brookfield and Pembroke did not respond to requests for comment.

Tredway noted that the properties will undergo a series of upgrades, including electrical and plumbing replacements and new security and accessibility measures. There will also be an organization on-site to provide services such as nursing care, nutritional counseling, and life skills workshops on topics like budgeting and personal finance.

“We believe very strongly in the Coney Island community, and we want to make sure that it remains affordable,” said Tredway founder and CEO Will Blodgett.

Tredway has been active in the affordable housing space in Coney Island and throughout New York City.

In 2023, Commercial Observer reported that Tredway, in a joint venture with Gilbane Development and ELH Management, secured $120 million in acquisition financing for the purchase of the three-building, 816-unit affordable housing development Sea Park Apartments in Coney Island from The Arker Companies. 

And this past May, Tredway acquired an affordable housing complex in Far Rockaway, Queens, for $88 million from Related Companies, as Commercial Observer reported.

Larry Getlen can be reached at lgetlen@commercialobserver.com