Camber Finalizes $105M Deal for Affordable Portfolio
Camber Property Group closed the $105-million acquisition of the Triboro Portfolio, which features more than 300 units of affordable housing across three boroughs. The buildings–Grace Towers in Brooklyn, Target Apartments in the Bronx, and Madison Apartments in Manhattan–will see 60 years of extended affordability through the deal, thanks to an agreement with the New York City Department of Housing Preservation and Development and a new real estate tax abatement.
The deal was brokered by SVN Affordable’s Gene Levental and Jamie Renzenbrink and led by Mark Abramowicz of Camber’s acquisitions team. Camber will undertake significant upgrades at all properties to both resident apartments and shared amenities.
Camber co-founder and principal Rick Gropper said the Triboro Portfolio “exemplifies the importance of preserving low-income housing throughout the city. We are proud to upgrade these buildings to offer long-term stability to the residents and respective communities.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).