Ocean Towers houses 360 families, the majority of which are very low-income. When CDT and Proto took over Ocean Towers, most building systems were original to the 1970s construction and were in need of full replacement. None of the common areas had been updated since the original construction.
CDT and Proto invested nearly $12mm in the rehabilitation, which included converting the heating system from electric to gas-fired hydronic, constructing elevated rooms to house the new boilers, installing a new domestic hot water plant, individually metering unit electric, and beautifying all common areas.
Total project cost was over $50mm, and the rehabilitation was completed without the use of tax credits and was a highly efficient use of other City subsidies. Rehab began in late 2013 and completed in late 2015. To finance the acquisition and rehab, CDT and Proto partnered with the New York City Acquisition Fund, Enterprise, HPD, NYC City Council, NYSERDA, CPC, SONYMA, and NYCERS.