Midtown-based development firm BRP Companies has begun renovating 63 apartment buildings in East New York as part of a sweeping overhaul of the neighborhood’s affordable housing.
Goldman Sachs and city and state housing agencies partnered to finance the project. BRP acquired the buildings from local nonprofit East New York Urban Youth Services for a total of $100 million in December. Earlier this month, the Goldman Sachs Urban Investment Group invested $75 million into a new fund to develop housing in New York and New Jersey. [more]