Tredway Announces the Acquisition and Preservation of Seven-Property Affordable Portfolio in Fort Greene, Brooklyn

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Jun 19, 2024, 09:42 ET

193 homes will be maintained as deeply affordable housing for very low-income families with more than $10 million planned in quality-of-life and energy efficiency upgrades

NEW YORK, June 19, 2024 /PRNewswire/ -- Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, and ELH Mgmt. LLC, today announced the acquisition of a seven-building portfolio in Brooklyn's Fort Greene neighborhood. Concurrent with the acquisition, Tredway has extended the affordability of the properties for another 40 years, ensuring all 193 homes will serve low-income households earning no more than 50 percent of area median income. An additional 30 percent of the homes will be reserved for formerly homeless individuals and families.

Tredway and ELH are investing upwards of $10 million to renovate the portfolio, including at 35 St. Felix Street, Brooklyn.

"The tremendous changes we've seen in Fort Greene over the past decade have unfortunately made it difficult for longtime residents to remain in the community they pioneered," said Will Blodgett, CEO & Founder of Tredway. "By locking in affordability for elderly and vulnerable residents, we hope the preservation of Greene Clermont Houses and Tri-Block Houses Apartments serves as a bulwark against displacement and an example of the socio-economic diversity that makes New York City so great."

Tredway and ELH are investing upwards of $10 million to renovate the portfolio, which has been largely untouched since it was first built. The cornerstone of the preservation is a 97-unit, elderly-designated, mid-rise building located at 80 Greene Avenue. Constructed in 1982, Greene Clermont Houses is home to longtime residents of Fort Greene who will benefit from critical aging-in-place retrofits aimed at enhancing residents' quality-of-life.

A redesigned indoor and outdoor community space and a new wellness center will allow for on-site vaccination and nursing services and include office space for a resident services coordinator. Jericho Project, a nationally-acclaimed nonprofit, has been retained to provide meaningful social services to residents with an emphasis on housing retention and stabilization, as well as age-appropriate programming.

Collectively known as Tri-Block Houses Apartments, the remaining buildings are located at 36 Fort Greene Place, 56 Fort Greene Place, 35 St. Felix Street, 42 St. Felix Street, 51 St. Felix Street and 221-225 Ashland Place.

Throughout the portfolio, the developers will focus on improving the properties' energy-efficiency and Local Law 11 safety improvements. Apartments will receive new bathrooms, kitchens, lighting and flooring, while lobbies and commons areas will be refreshed for the first time in over 40 years.

The project is being financed with a $97 million Freddie Mac loan from Wells Fargo. The total development cost is estimated to be $110 million. The sale was brokered by Affordable Housing Advisors.

About Tredway
Founded in 2021, Tredway is a real estate development firm that acquires, revitalizes and preserves affordable, workforce and mixed-income housing. Our work is driven by the belief that safe, high-quality and accessible housing is an important catalyst for upward socioeconomic mobility and is an essential part of fostering equity in America today. To learn about the advantages of partnering with Tredway, visit: tredway.com.

Media contact:
Kelly Magee
[email protected]

SOURCE Tredway Management, LLC