Phoenix Realty Group spending $96 million in Bed-Stuy

Phoenix Realty Group, a New York-based real estate firm, announced that it is spending $96 million on buying and renovating a portfolio of 15 residential buildings in Bedford-Stuyvesant. All 362 units, which were sold by Bedford Stuyvesant Restoration Corporation, will remain affordable. Phoenix will spend $30 million rehabilitating the buildings. About 95 percent of the apartments will receive long-term Section 8 contracts from the U.S. Department of Housing and Urban Development. Eastern Consolidated brokered the deal. The buildings are located at 24-28-32 and 40 Mcdonough Street and 7-15 Albany Avenue. TRD