287 Audubon Ave. in Washington Heights/ Photo credit: Camber Property Group
NEW YORK CITY—Camber Property Group and Belveron Partners purchased three Upper Manhattan buildings for $60 million. With the deal, they preserved affordability for Section 8 tenants at 143 apartments through a 40-year regulatory agreement with New York City's Department of Housing Preservation and Development.
The buyers acquired 287 Audubon Ave. in Washington Heights for $9.5 million from Metropolitan Realty Group; and 107 W. 109th St. in Morningside Heights for $21 million and 1871 Seventh Ave. in West Harlem for $29.1 million, both from the Orbach Group. The developers paid approximately $60 million for the portfolio and received a $40 million bridge loan from Greystone.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
