The Real Deal New York

East New York complex readies for likely condo conversion

May 08, 2007 12:00AM

Taconic Investment Partners and Apollo Real Estate Advisors, the owners of a former Mitchell-Lama rental complex in Brooklyn, have renamed the property as they await attorney general approval to convert 983 of its units into condos. The former Fairfield Towers will now be called MeadowWood at Gateway. Taconic and Apollo have said they intend to make the units affordable to middle-class buyers, and that they will offer discounts and incentives for the East New York complex’s current rental residents to purchase their units. The investment partnership acquired the 19-building, 22-acre site last September for $90 million and pledged to put $40 million in capital improvements into the property. TRD

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