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Partial Interest in Brooklyn Affordable Portfolio Sells for $9M
Community Preservation Corporation, The Community Development Trust, Monadnock Development, Red Stone Equity Partners, and the Black Developers Network Triboro have purchased a partial interest in three affordable multifamily buildings in Brooklyn’s Williamsburg and Brownsville neighborhoods for a total of $9.29 million from Dunn Development Corp.
These three buildings were originally part of a larger portfolio that was sold early last year. The same group of buyers acquired a partial interest in 13 buildings from the portfolio, comprising 1,036 units, for $36.5 million. As part of the agreement, the buyers committed to maintaining the affordability of all apartments for low-income tenants. Additionally, the proceeds from the sale will fund the Blue Sky Social Justice Fund, a newly established charitable organization dedicated to promoting social justice and human rights.
Ariel Property Advisors represented the seller with a team led by Victor Sozio and Shimon Shkury.
