Residence  |  Features & Amenities  |  Apartments  |  Residents  |  Financing  |  Developers

Arverne View 57–17 Shore Front Parkway, Queens

Arverne View is a massive 11 multi-family building, 1,093-unit Mitchell-Lama rental property occupying 13 acres of beachfront property along the Rockaway peninsula in Queens Community Board 14. The complex (formerly known as Ocean Village) began construction in the mid-1950s and was completed in 1974. Given their advanced age, the buildings were already facing physical and financial challenges, and had more than 350 vacant apartments by the time Hurricane Sandy devastated the area in October of 2012.


Features & Amenities

Four laundry rooms, 526 surface parking spaces, two playgrounds, two basketball courts, and several open plazas are included in the amenities. One Senior Center serves the entire complex. An on-site staff of 60 to 70 people, including porters, handymen, leasing, compliance, management, maintenance, and marketing personnel oversee the property. Two Arverne View buildings rise to 19 floors, providing sensational views of Jamaica Bay or the Atlantic Ocean. Two buildings are 11 stories each, and seven (the “townhouses”) are four stories tall. The entire property is wheelchair-accessible and smoke-free. Dogs and cats under 20 pounds are allowed. Residents have a special access area to the beach, secured by an electronic key system. 

Currently, the complex has an on-site day care center, a grocery store, and a pizza shop. Approximately 10,000 square-feet of contiguous commercial space—all newly renovated—is yet to be filled. The owners are looking for a strong partner with a viable and sustainable program to occupy that space and they’re hoping to find someone to fill it within the next year. In the interim, they anticipate entering into an agreement with an innovative nonprofit organization that activates vacant retail space for use by artists.


Hurricane Sandy

Sandy turned out to be the deadliest and most destructive hurricane of the 2012 Atlantic hurricane season, as well as the second-costliest hurricane in United States history // READ MORE


The Apartments

Apart from four apartments reserved for superintendents who live and work at the property, all units are restricted to tenants at or below 80 percent AMI (currently $67,100 for a family of four) with at least 25 percent of the units reserved for those who are at or below 60 percent AMI (currently $50,340 for a family of four). Apartments range in size from studios to five bedrooms, and several have balconies.


The Residents of Arverne View

Lola Vaughn

Eighty-six-year-old Lola Vaughn has been living in the same apartment on the 14th floor of Arverne View’s Building 2 since 1978. Lola is retired after working in Manhattan’s Garment District for 46 years. Now a widow, she has one daughter and several grandchildren who visit her frequently. Staying with relatives during and after Sandy, Lola remained in touch with her friends at Arverne View. When she heard that new owners had taken over the complex and restored power and water, she was eager to get back into her own apartment and community. She recalls that her neighbors were somewhat apprehensive about the change in ownership, but that those tensions quickly subsided as they saw more and more real, tangible improvements being made each day. “The place was becoming safer and nicer to look at.” That positive momentum has continued. “I’m very happy with all the new changes,” said Lola. “It is a whole new ballgame here.”  And Lola is an active contributor to Arverne View’s renaissance, running the site’s Senior Center on a volunteer basis. “She’s amazing,” said Rick Gropper of L+M. “We’ll probably name the Center after her.”


Lillian Moya   

Lillian Moya grew up in the Sheepshead Bay section of Brooklyn, where she still lived with her father before moving to Arverne View’s Building 1. She found an advertisement for Arverne online, was called for an interview that November, and moved in the following month. Lillian lives with her two-year-old autistic son, Jose, who goes to school in the mornings and has therapy from noon to 5:00 every afternoon. Lillian says she’s really happy at Arverne View and if she hadn’t found this apartment, she would still be living with her father in Brooklyn. Lillian is so happy in fact that she proudly adds: “I’ve even helped market the complex to new tenants.”


Barbara McLean

Barbara McLean is an artist and student pursuing an education in social policy and advocacy online at SUNY Empire State College. She grew up in Hudson County, NJ, but was living on Shore Front Road in Queens when Sandy hit. Barbara’s apartment experienced minimal flooding, but her landlord’s unit was severely damaged. When the landlord decided he needed Barbara’s unit to rehouse his own family, she was given one month to find another place to live. She learned about Arverne View via an internet search, submitted her application in January 2013 and moved in shortly thereafter. L + M Development Partners promised her an apartment that had been completely renovated and she says: “They delivered. My apartment faces both the Atlantic Ocean and Brooklyn. I’ve got glorious views of the city and gorgeous sunsets over the ocean.” What more could an artist ask for?  “Living at Arverne View gives me an opportunity to pursue my education and work on my art. I love the neighborhood,” Barbara said, “and its proximity to the beach.”


The Financing Structure

Arverne View’s financing required two phases totaling almost $100 million. The Phase I financing closed on November 9, 2012, just 11 days after Hurricane Sandy devastated the area. HDC provided the new owner with financing for the acquisition of the previous debt on the development from the Empire State Development Corporation (ESDC) as well as a portion of the construction costs related to rehabilitation of facades, roofs, common areas, and bringing the hundreds of vacant units into habitable condition. ESDC assigned the Interest Reduction Payment (IRP) contract relating to the property to HDC and HDC issued taxable bonds to finance an IRP-supported loan. Additionally, the project was transferred from state to city Mitchell-Lama supervision upon construction closing. 

Phase II Financing

L+M completed the renovations associated with Phase I approximately six months ahead of schedule and approximately 400 vacant units had been rented and occupied within 15 months of Sandy’s landfall. Based on HDC’s commitment to take out any additional debt, Citibank agreed to provide a subordinate unsecured taxable bank loan in the amount of $17.17 million at an interest rate of 2.5 percent with interest accruing in order to allow the work for Phase II to begin. In October 2013, HDC issued additional debt (the total recycled tax-exempt debt on the project is approximately $72 million) to take out the Citibank taxable loan and fund additional repair work. The total rehabilitation budget was almost $60 million. The two-phase tax-exempt financing is expected to be insured through the Federal Housing Administration (FHA) Risk Share Program upon conversion to permanent financing in the fall of 2014.


The Developers

L+M Development Partners, Inc. has been an innovator in developing quality affordable, mixed-income and market-rate housing, while simultaneously improving the neighborhoods in which it works, since 1984. A full-service firm, L+M are experts in development, construction, management, fund management, acquisition criteria, and commercial leasing. The company takes pride in investing not only in developments, but also in people. Its long-standing dedication to the communities it serves is demonstrated through the job training and after-school programs it offers as well as its annual scholarship fund and the substantial support it provides for local nonprofit organizations. 

L+M Development Director Rick Gropper explains the firm’s particular commitment to Arverne View, describe it as being “at the nexus of a number of things we’re good at—creative and complicated financial structures, preservation, rehabbing, recapitalizing and repositioning distressed assets, and community development.” Gropper continues, “We’ve played a part in transforming a community for some 4,000 people, And we’re proud of that. We’ve created a place that people feel they’re a part of and are generally happy with. This is good for the residents and good for us as owners.”