[Victory Plaza]
Victory Plaza Tops Out At 11 West 118th Street In Harlem
By Sebastian Morris, New York YIMBY
November 25, 2019
Construction has topped out on Victory Plaza, a new mixed-income affordable housing block at 11 West 118th Street in Harlem. Designed by Aufgang Architects for developers Camber Property Group and Harlem Congregations, the nine-story building will eventually contain 136 rental units including a total of 41 apartments reserved for formerly homeless seniors…
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[General]
Camber’s Rick Gropper on Affordable Housing in the Bronx
By NICHOLAS RIZZI, Commercial Observer
September 10, 2019
Camber closed on nearly 1,600 units in nine transactions with a total capitalization of $500 million last year.
After the New York State legislature passed rent stabilization reforms in June aimed to better protect tenants, owners have repeatedly threatened to flee the city while others have intentionally left apartments empty to avoid locking in rents under the current law.
The goal of many landlords who buy buildings with rent-regulated apartments is to switch them to market rate, but Rick Gropper has done a rare thing: He’s developed a business at Camber Property Group going the other way…
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[Highbridge House]
This Week’s N.Y. Deal Sheet
By Miriam Hall, Bisnow New York
July 2, 2019
Camber Property Group and Belveron Partners paid $77M to acquire the 400-unit Highbridge House at 1133 Ogden Ave. in the Bronx from Stellar Management. Camber and Belveron are planning to spend $3M upgrading the building and return it to 100% affordable housing. That means the 400 units are being reregistered as stabilized, including all the apartments previously lost under vacancy decontrol, per the release. New York Community Bank is providing financing…
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[Highbridge House]
Developers spend $77M to return Bronx building to complete affordability
By Eddie Small, The Real Deal
June 26, 2019
A Bronx building that has seen significant rent increases in recent years will become entirely affordable again in the wake of a $77 million deal. Camber Property Group and Belveron Partners have purchased the 400-unit residential property known as Highbridge House at 1133 Ogden Avenue from Stellar Management for $77 million, the companies announced on Wednesday. The sale comes on the heels of a sweeping rent reform in Albany, which drastically limited landlords’ ability to increase rents on stabilized apartments…
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[Highbridge House]
Affordable Housing Developers Picks Up Bronx Apartment Building for $76M
By Nicholas Rizzi, Commercial Observer
June 26, 2019
Camber Property Group and Belveron Partners bought a 400-unit apartment building in the Highbridge section of the Bronx for $76.3 million, with plans to bring all the units back to affordable housing, Commercial Observer has learned. The affordable housing developers purchased 1133 Ogden Avenue, also known as Highbridge House, from Stellar Management in a deal that closed today, according to spokespeople for Camber and Stellar…
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[The Hemlock & The Mulberry (PRC Fox Street)]
200 units of affordable housing dedicated at ribbon-cutting
By Patrick Rocchio, Bronx Times
May 23, 2019
A ribbon-cutting ceremony was held on Friday, May 11 for two buildings in Longwood known as The Mulberry and The Hemlock that together will provide a total of 200 affordable apartments for a variety of income levels. The new buildings, The Hemlock at 960 Simpson Street and The Mulberry at 1000 Fox Street, within a block of one another, are both seven stories with the former containing 120 units and the latter 80 units…
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[General]
Top 50 Affordable Housing Developers of 2018
By Affordable Housing Finance
April 5, 2019
#28: Camber closed on nearly 1,600 units in nine transactions with a total capitalization of $500 million last year.
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[General]
Camber boss Rick Gropper sees more than opportunity in affordable housing sector
By Jackson Chen, Real Estate Weekly
March 25, 2019
Building affordable housing in the ruthless real estate market of New York City isn’t a pipe dream, at least for Rick Gropper.
The co-principal of Camber Property Group has kept momentum on building and renovating affordable housing throughout the city since the companyʼs founding in 2016…
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[West Farms Portfolio]
The Bronx is getting a new affordable housing complex
By Meenal Vamburkar, The Real Deal
March 20, 2019
… There has been more investment in low-income housing the borough this year. Camber Property Group, Belveron Partners and the city’s Department of Housing Preservation and Development spent $75 million to buy an 11-building, 343-unit property portfolio in the Bronx in January…
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[Victory Plaza]
Victory Vanguard: Groundbreaking held for affordable senior project
By Gregg McQueen, Manhattan Times
March 6, 2019
…Located at 11 West 118th Street, Victory Plaza will include 41 units set aside for formerly homeless seniors and is expected to be completed by December 2020.
The project is a collaboration between HCCI, Camber Property Group, and the city’s Department of Housing Preservation and Development (HPD) and Housing Development Corporation (HDC).
A groundbreaking ceremony was held on Wed., Feb. 27…
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[General]
‘We Know It’s Going To Be Bad’: Rent Regulation Reform Already Hurting Multifamily Market
By Miriam Hall, Bisnow New York
March 4, 2019
Rent regulations laws that affect nearly 1 million apartments in New York City are set to be renewed in June. But with the state Senate controlled by Democrats for the first time in nearly a decade, the commercial real estate industry is bracing for broad, profound changes to rent-regulation laws that deeply impact their business…
… Camber’s approach has been to buy stabilized buildings and move them into city affordability programs in exchange for tax abatements — rather than relying on a business plan of buying out tenants and converting regulated units to market-rate…
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[Victory Plaza]
Developers Break Ground On Below-Market Harlem Senior Residence
By Brendan Krisel, Patch
January 11, 2019
Construction work on a planned below-market senior housing facility in Harlem began Wednesday as developers broke ground on the West 118th Street site.
The “Victory Plaza” development — product of a partnership between Camber Property Group, Harlem Congregations for Community Improvement and the city Department Housing Preservation and Development and Housing Development Corporation — will bring 136 units of below-market housing for seniors to Harlem, the development team announced…
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[Victory Plaza]
Groundbreaking For 100% Affordable Building For Senior Housing In Harlem
By Harlem World Magazine
February 27, 2019
On Wednesday, February 27th, 2019, Camber Property Group, Harlem Congregations for Community Improvement Inc., (HCCI), NYC Housing Development Corporation (HDC), and NYC Housing Development Corporation (HDC) held a groundbreaking ceremony for Victory Plaza in Harlem. The ceremony included community members and elected officials for Victory Plaza, a 136-unit, 100 percent affordable building for seniors in Harlem…
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[West Farms Portfolio]
‘The Bronx saw more than $2B in investment sales last year
By Eddie Small, The Real Deal
February 8, 2019
… A large number of portfolio deals helped to boost the segment’s property volume, including the $75 million sale of an 11-building, 343-unit portfolio in West Farms from Black Spruce Properties to Camber Property Group, Belveron Partners and the city’s Department of Housing Preservation and Development…
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[1881 Starr Street]
‘Now’s The Time’: Apartment Builders Think NYC’s Supply Glut Is About To End
By Miriam Hall, BISNOW
February 4, 2019
Stagnant rent prices and increasing use of concessions has been the ongoing story in the New York City rental market for years now. But apartment builders say supply and demand fundamentals are starting to swing their way… “I think over the next two to five years, demand will catch up with supply,” Camber Property Group principal Rick Gropper said…
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[West Farms Portfolio]
The city’s multifamily market saw increases across the board in 2018
By Eddie Small, The Real Deal
January 30, 2019
… Transaction volume stayed largely flat at 100, a 1 percent increase compared to 2017. The largest deal was an 11-building, 343-unit portfolio that Black Spruce Management sold for about $75 million to Camber Property Group, Belveron Partners and the city’s Department of Housing Preservation and Development…
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[West Farms Portfolio]
HPD secures $75M, 11 building West Farms portfolio
By Alex Mitchell, Bronx Times
January 11, 2019
A major real estate deal has just been locked-down for the Bronx. The NYC Department of Housing Preservation and Development, collaborating with Camber Property Group, Belveron Partners, closed on a $75 million acquisition of an 11-building, 343-unit portfolio in West Farms on Wednesday, January 2…
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[Victory Plaza]
Camber Property Group Closes On $65 Million In Construction Financing For 100% Affordable Housing Project In Harlem
By Sebastian Morris, New York YIMBY
January 11, 2019
The development team behind Victory Plaza, a new 100% affordable senior housing project, has successfully closed on $65 million in construction financing to facilitate completion of the project. Located in Harlem at 11 West 118th Street, the building will eventually rise nine stories and comprise 136 rental homes. A total of 41 units will be reserved for the formerly homeless…
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[West Farms Portfolio]
Affordability Returns to NYC Developments
By Donna Kimura, Affordable Housing Finance
January 10, 2019
After converting to market-rate housing in recent years, a set of New York City apartments will return to serving as affordable housing. Camber Property Group, Belveron Partners, and the New York City Department of Housing Preservation and Development (HPD) announced closing on a $75 million acquisition of an 11-building, 343-unit portfolio in the Bronx…
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[Victory Plaza]
Camber secures $65M financing for Victory Plaza
By REW, Real Estate Weekly
January 9, 2019
Construction financing to build the $65 million Victory Plaza, a 136-unit, 100 percent affordable building for seniors has been secured. The Harlem project is a joint venture between Camber and non-profit partner Harlem Congregations for Community Improvement…
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[West Farms Portfolio]
Camber, Belveron, HPD close $75M deal to keep Bronx homes affordable
By REW, Real Estate Weekly
January 9, 2019
Camber Property Group, Belveron Partners, and the New York City Department of Housing Preservation and Development (HPD) last week closed on the $75 million acquisition of an 11-building, 343-unit portfolio in the Bronx. The deal will restore long-term affordability to the properties…
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[Victory Plaza]
Below-Market Senior Housing Units Coming To Harlem
By Brendan Krisel, Patch
January 8, 2019
Developers and city partners have closed on construction financing for a nine-story development that will bring 136 units of below-market housing for seniors to Harlem, the development team announced this week. The development, which will be called “Victory Plaza,” will be located on West 118th Street near Fifth Avenue…
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[West Farms Portfolio]
Councilman Salamanca, HPD restore 343 affordable housing units in the South Bronx
By News 12 The Bronx
January 4, 2019
Video: Councilman Salamanca, HPD restore 343 affordable housing units in the South Bronx…
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[Victory Plaza]
Camber lands $79M in financing for Harlem affordable housing building
By Eddie Small, The Real Deal
January 4, 2019
Harlem’s Victory One senior-housing building is about to get a neighbor. Camber Property Group and its partner Harlem Congregations for Community Improvement closed on roughly $79 million in financing for its Victory Plaza affordable housing project in the neighborhood…
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[West Farms Portfolio]
Developers buy Bronx apartment portfolio for $75M in rare affordable play
By Eddie Small, The Real Deal
January 2, 2019
Camber Property Group, Belveron Partners and the city’s Department of Housing Preservation and Development have spent $75 million to buy an 11-building, 343-unit property portfolio in the Bronx. As part of the deal, 100 market-rate apartments will be converted back into affordable units…
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