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$48M Trade Will Keep Yonkers Complex Affordable

CBRE Affordable Housing and CBRE’s New York Institutional Group arranged the sale of the 311-unit affordable housing community Parkledge in Yonkers, NY. The property sold to Hudson Valley Property Group for $48.3 million.

Tim Flint, EVP of CBRE Affordable Housing, represented the undisclosed seller, along with Institutional Group members Jeff Dunne, Gene Pride and Eric Apfel.

“New York continues to be a hotbed for affordable housing investments,” said Flint. “We saw multiple attractive offers on this property and were able to secure a great buyer for the property, ensuring that much needed affordable housing will stay available in the greater New York area.”

Equity for the transaction was provided by Hudson Valley Preservation Fund. The new owner plans to preserve the property as quality affordable housing, and continue to invest in the building.

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For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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