Bushburg Properties picked up a four-building, 283-unit Bedford-Stuyvesant apartment complex from E&M Associates for $38 million, The Real Deal has learned.
The 277,200-square-foot complex at 1711-1751 Fulton Street, also known as 88-132 Chauncey Street, is part of the Mitchell-Lama federal mortgage interest subsidy program. The six-story elevator buildings include a total of nine commercial units, largely mom-and-pop stores.
The buildings’ Mitchell-Lama obligations are ending later this year and a new owner would have the option to opt out of the program, according to documents obtained by TRD.
Rosewood Realty Group’s Aaron Jungreis represented both sides in the deal.
The properties asked just north of $40 million and were in contract for about a year pending city approval, Jungreis said.
Bushburg, a Kensington-based development firm, plans to own the buildings for the long term, said CEO Joseph Hoffman. The developer filed plans last year to construct a 12-story apartment building in South Slope.
Also, last year, E&M, a Flatbush-based multifamily investment firm led by Irving Langer, sold a 13-building, Bronx-centric rental portfolio for $53.7 million.
Earlier today, TRD reported that Simon Dushinsky’s Rabsky Group is planning nearly 800 units on the edge of Bedford–Stuyvesant.