
Camber Acquires Harlem Complex, Adds Affordability Protection
Camber Property Group completed the $30-million acquisition of The Johanna Apartments, a 60-unit, 100% Section 8 property across four buildings on West 144th Street in Harlem. Camber has partnered with Harlem Congregations for Community Improvement to extend affordability at the portfolio for the maximum 40-year term.
“Building new units is not the only way we can preserve affordable housing in New York City,” said Camber principal Rick Gropper. “We must also address existing units, and strengthen their affordability requirements whenever we can.
“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,” he continud.
The Johanna Apartments marks Camber Property Group’s most recent acquisition in Northern Manhattan, having constructed or renovated nearly 400 units across seven projects in the area since 2018.
- ◦Sale/Acquisition