The Miles at 1990 Lexington Ave. in East Harlem is part of the L+M, Invesco portfolio
NEW YORK CITY— L+M Development and Investco Real Estate are purchasing and renovating a $1.2 billion, 2,800-unit apartment portfolio and returning 1,800 apartments to rent regulation. Although the real estate industry has often complained that affordable housing doesn’t pencil, the developers in this deal are receiving governmental tax breaks, to financially keep tenants in place and expand the affordable housing stock.
Brookfield Asset Management and Urban American are selling the five former Mitchell-Lama developments. Rent regulatory agreements will cover all of the units under the New York City Department of Housing Preservation & Development and New York State Home & Community Renewal.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
