The latest acquisition by Camber Property Group brings affordability protections to 60 apartments in Harlem, Manhattan. The Johanna Apartments, acquired for $30 million, consists of a 100 percent Project Based Section 8 property across four buildings on West 144th Street, just a block from the 145th Street subway station.
Camber partnered with Harlem Congregations for Community Improvement to extend affordability protections to the Johanna Apartments for the maximum 40-year term through a new U.S. Department of Housing and Urban Development contract and an agreement with the City of New York. The housing complex had no previously established regulatory agreements with the City of New York. The partnership is also responsible for the Dr. Joan O. Dawson Plaza, a 138-unit fully affordable housing development at 11 West Harlem.
“Building new units is not the only way we can preserve affordable housing in New York City. We must also address existing units, and strengthen their affordability requirements whenever we can,” said Rick Gropper, principal and co-founder of Camber Property Group. “Our partnership with Harlem Congregations for Community Improvement has extended affordability protection to a property that did not have it previously, expanding our city’s stock of affordable homes without digging a single hole or laying a single brick.”
A team from Nixon Peabody LLP’s affordable housing and real estate group advised Camber Property on the acquisition.
Units at the Johanna Apartments will receive washers and dryers, and a number of upgrades including new kitchen appliances, kitchen cabinets, bathroom fixtures, light fixtures, and flooring. It is unclear when these updates will be completed.