Gilbane Development Co. is rapidly expanding its NYC affordable housing portfolio this year, most recently with a joint-venture purchase of four Section 8 projects and a 525,000-square-foot development site for $107.5 million from Spencer Equity.
The four apartment buildings, encompassing 477 units and 551,000 square feet, are located at 280 E. 161st St. in the Morrisania section; 2363 Southern Boulevard in Belmont; and 1105 Jerome Avenue and 101-3 West 165th Street, both in the Highbridge section.
The acquisition was made by a joint venture of Gilbane, Systima Capital Management, ELH Management and TerreAlto, according to a report in Crain's.
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