In a win for the city, the trio will convert units back into affordable housing
Camber Property Group, Belveron Partners, and the Department of Housing Preservation and Development have acquired an 11-building Bronx portfolio from Josh Gotlib’s Black Spruce Management for $75 million. The rental properties are spread throughout Belmont, East Tremont, and West Farms.
Worth Noting: The portfolio includes 345 apartments and two retail spaces, Interestingly, 100 market-rate apartments will be converted back into affordable units. As part of the deal, the buyers agreed to keep the other units affordable for 40 more years, according to the WSJ.
Heard on the Street: HPD Commissioner Maria Torres-Springer: “The agency will leave no stone unturned in our effort to keep New Yorkers in their homes and communities.”
Addresses include… 1892-94 Arthur Avenue;1898, 1899, 1900, and 1908 Belmont Avenue; 2082, 2083, 2088, and 2090 Mohegan Avenue; and 2095 Honeywell Avenue.
Flashback: Black Spruce paid $51.5 million for the portfolio in 2015.