Camber and Belveron Acquire $60M Upper Manhattan Section 8 Housing

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.