June 27, 2017
New buyers have a plan to keep the rents affordable at 403 apartments in 42 buildings in the Sunset Park neighborhood of Brooklyn.
Fairstead Capital’s affiliate, Fairstead Affordable, partnered to buy the apartments with NY Housing Partnership, a nonprofit owner and manager of affordable housing.
The apartments are grouped into four separate properties that each receive project-based Sec. 8 rental subsidies from the U.S. Department of Housing and Urban Development. The transaction includes a commitment to keep the apartments affordable for at least the next 30 years. The new owners will renovate common areas, energy systems and the apartments.
Rents are rising quickly in Sunset Park, the neighborhood directly south of expensive, fully-gentrified Park Slope.
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