NEW YORK CITY-Stellar Management is back on the field with a newtransaction in Brooklyn. The firm is expected to announce thepurchase of Tivoli Towers, a rental property comprising 320 unitssituated in Crown Heights, for $9.5 million.


Stellar will receive about $15 million for renovation and $30million to pay the debt and other costs of the buildings. Thecity's Housing Development Corp. will provide the financing. Theproperty will be kept under an affordable program till 2040.For the full story, go to Wall Street Journal.

GlobeSt.com News Hub is your link torelevant real estate and business stories from other local,regional and national publications.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.