NEW YORK CITY – Fairstead, a real estate firm specializing in affordable, mixed-income, and market-rate housing, has financed a 905-unit portfolio of subsidized housing in Manhattan and Brooklyn. The nine properties include 49 buildings, which were slated to get converted to market-rate housing before the firm swooped in.
Fairstead in collaboration with New York City Council members, the Department of Housing Preservation and Development, and the Department of Housing and Urban Development executed the new financing to ensure the properties remain affordable over the next 40 years. Fairstead also committed to new regulatory agreements with HPD for the 905-units.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
