Trending

State Sen: $940M portfolio sale ‘No one knew about’

Sign Up for the undefined Newsletter

State Senator Bill Perkins of Harlem said news that a portfolio of former Mitchell-Lama properties sold for $940 million is “alarming… No one knew about it. It’s not like notice was given and folks were told who the new owners would be and what the implications would mean.” The transaction, which is the second-largest residential portfolio sale in Manhattan history, recently closed. As The Real Deal first reported in early April, Jerome Belson Associates purchased all the buildings in the portfolio and had taken them out of the Mitchell-Lama program over the past few years. “This is a whole new real-estate thing going on that might not be in the interests of maintaining affordability,” said Perkins. more [NYO]

Recommended For You