Camber Property Group Buys East New York Complex for $845M

Camber Property Group closed out 2024 with one of the largest multifamily transactions of the year in New York City.

Camber acquired Linden Plaza at 675 Lincoln Avenue in Brooklyn’s East New York for $845 million, the Commercial Observer reported. The seller was Linden Plaza Preservation, an affiliate of RY Management.

The multifamily complex features 1,527 units across 11 buildings. The sale breaks down to $553,000 per unit.

Camber founding principal Rick Gropper told the Observer that the deal “allows all of the stakeholders in a public-private partnership to make real improvements to benefit the residents’ quality of life.”

Residents of the complex have raised concerns that the property is in a state of disrepair and presents dangerous living conditions. Residents have told News 12 that repairs were never made to fix problems such as leaky pipes, caved-in ceilings and mold.

Camber is planning $400 million of upgrades at Linden Plaza, including updates to kitchens, bathrooms, common areas and HVAC systems; Housing Opportunities Unlimited will assist with temporary relocation for affected residents. Camber also plans to bring social services to the complex, such as mental health counseling, job training and financial literacy assistance.

No brokers were involved in the trade of the 1971-built complex, which was constructed using development rights from the Metropolitan Transportation Authority.

Financing for the complex comes from a wide variety of sources, including from J.P. Morgan Chase, Merchants Capital, the New York City Housing Development Corporation, the New York City Department of Housing Preservation and Development and Freddie Mac loans.

Camber is one of New York’s most prominent affordable and mixed-income housing landlords. The developer is working with Osborne Association to convert the former women’s prison at Bayview Correctional Facility in Chelsea into 124 affordable housing units.

As of June, the firm’s portfolio of nearly 10,000 units was valued at over $2.5 billion.

— Holden Walter-Warner