Gilbane Development Co. is rapidly expanding its NYC affordable housing portfolio this year, most recently with a joint-venture purchase of four Section 8 projects and a 525,000-square-foot development site for $107.5 million from Spencer Equity.
The four apartment buildings, encompassing 477 units and 551,000 square feet, are located at 280 E. 161st St. in the Morrisania section; 2363 Southern Boulevard in Belmont; and 1105 Jerome Avenue and 101-3 West 165th Street, both in the Highbridge section.
The acquisition was made by a joint venture of Gilbane, Systima Capital Management, ELH Management and TerreAlto, according to a report in Crain's.
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© 2024 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.
