Three Upper Manhattan Buildings Sell For $60M

October 26, 2018

Patch reports that three apartment buildings in three different Upper Manhattan neighborhoods were bought as a package deal for $60 million, real estate firms announced Thursday.

Camber Property Group and Belveron Partners closed on a portfolio that contains Washington Heights’ 287 Audubon Ave., The Upper West Side’s 107 W. 109th St. and Harlem’s 1871 Seventh Ave., the firms announced. The deal includes a 40-year regulatory agreement with the city Department of Housing Preservation and Development that will keep units in the buildings affordable.

Affordability protections at each building were expected to expire in the next five years, subjecting tenants of 143 apartments to rent increases.

“Under Housing New York, HPD is using every tool available to us to lock in the quality affordable housing that already exists throughout the city. Thanks to this agreement, these 143 homes in Upper Manhattan will stay affordable, and tenants can rest assured that they can remain in their homes and their communities for the long term,” HPD Commissioner Maria Torres-Springer said in a statement.

The deal also includes an extension of the buildings’ Section 8 contracts with the United States Department of Housing and Urban Development.

Executives at the real estate firms said the deal is a win for both the companies — who are able to expand their portfolios in Upper Manhattan — and for the residents anticipating rent hikes in the next five years.

“We are excited to expand our portfolio in upper Manhattan and build on our work providing quality affordable housing across the city and around the region,” Rick Gropper, Principal at Camber Property Group, said in a statement. “We’re glad that residents of these buildings will have the peace of mind that their rents won’t skyrocket and that they’ll be able to live comfortably in their homes for years to come.”

Photos courtesy Camber Property Group. Order: 107 W. 109th St., 287 Audubon Ave, 1871 Seventh Ave.

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