From the April issue: How many NYC buildings does Shamah Properties own?
We own and manage 25 buildings, which contain more than 1,500 rental units. Twenty of them are in Brooklyn, three are in Washington Heights and two are in East Orange, N.J. We look for affordably priced apartment buildings in working-class neighborhoods. The term “workforce housing” sounds very stripped down, but guess what? We do not own the type of housing in which people don’t have to work. About 98 percent of our portfolio is rent-stabilized. We’re not against buying market-rate units, but when we buy rent-stabilized, we can base the numbers on the fact that there are rent guidelines. [more]