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East River Apartments To Remain Affordable

NEW YORK CITY-Preservation Development Partners have revamped and rehabbed the 179-unit complex at 109-125 E. 130th St. thanks to city funding and Freddie Mac.

By Jacqueline Hlavenka | Updated on October 15, 2012

NEW YORK CITY-An East Harlem housing complex will be preserved as affordable for the next 40 years, GlobeSt.com has learned. Preservation Development Partners, a joint venture of developers Donald Capoccia, Joseph Ferrara, Brandon Baron, Francine Kellman and Brian Raddock, completed the rehabilitation of East River Apartments, a 179-unit multifamily apartment complex in Upper Manhattan.

The apartment complex, located at 109-125 E. 130th Street, consists of five elevator-equipped buildings. According to data from Real Capital Analytics, Preservation Partners acquired the complex in January 2012 from seller Tricham Housing Associates LP for $36 million.

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