Brooklyn affordable housing buy

December 27, 2006 12:00AM

Developers have purchased Spring Creek Gardens, a 582-unit affordable housing complex in Brooklyn’s East New York, for $18.3 million. The Arker and Domain companies plan to put $51.7 million of renovations into the property and preserve the units as affordable housing through tax-exempt bond financing provided by the New York City Housing Development Corp. The news comes hot on the heels of the announcement that Starrett City’s owners will sell their 6,000-unit East New York property, which is also an affordable housing complex. more [GlobeSt]

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