Real estate firm E&M Associates has agreed to sell a vast portfolio of residential and retail buildings to a partnership real estate investment firm Black Spruce Management and affordable housing nonprofit NYC Housing Partnership, the Real Deal first reported. The total value of the deal is $76.25 million, according to the report.
Most of the buildings in the portfolio are located on Adam Clayton Powell Jr. Boulevard, the Real Deal reported. The report did not include specific addresses of buildings included in the sale but did specify that the portfolio contains 224 apartment units and 30 retail spaces.
An $85 million deal for the portfolio fell through in 2018, the Real Deal reported. It’s unclear what Black Spruce Management and NYC Housing Partnership have in store for the buildings.
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