Happening in Harlem: The Johanna Apartments Acquired for $30 Million
NEW YORK — Today, Camber Property Group announced the $30 million acquisition of The Johanna Apartments, a 60-unit, 100 percent Project Based Section 8 property across four buildings on W. 144th St in Harlem, Manhattan. Camber has partnered with Harlem Congregations for Community Improvement (HCCI) to extend affordability at the portfolio for the maximum 40-year term through a new HUD contract and an agreement with the City of New York. The Johanna Apartments previously had no New York City regulatory agreement protecting its affordability.
“Building new units is not the only way we can preserve affordable housing in New York City. We must also address existing units, and strengthen their affordability requirements whenever we can,” said Rick Gropper, Principal and Co-founder of Camber Property Group. “Our partnership with Harlem Congregations for Community Improvement has extended affordability protection to a property that did not have it previously, expanding our city’s stock of affordable homes without digging a single hole or laying a single brick.”
“The preservation of affordable housing is essential to aiding working low to moderate income families to remain in the City of New York,” said Dr. Malcolm A. Punter, President & CEO of Harlem Congregations for Community Improvement. “The Johanna Apartment affordable housing located in Central Harlem assures that many of these New Yorkers have a safe and affordable place to reside. HCCI is happy to join Camber Property Group in preserving this much needed affordable housing resource.”
The Johanna Apartments marks Camber Property Group’s most recent acquisition in Northern Manhattan, having constructed or renovated nearly 400 units across seven projects in the area since 2018. Most recently, the company cut the ribbon in July on the Dr. Joan O. Dawson Plaza, a 138-unit 100 percent affordable housing development in Central Harlem that features 94 units set aside for low-income seniors and 41 homes for formerly homeless seniors. The building, formerly known as Victory Plaza, was also developed in partnership with HCCI and is named for the organization’s longtime chairperson.
Each unit at the Johanna Apartments is receiving significant in-unit upgrades including new kitchen appliances, kitchen cabinets, bathroom fixtures, light fixtures and flooring. In addition, each unit will be outfitted with a dedicated closet for a clothing washer and dryer, a unique feature for affordable apartments.
The Johanna Apartments are conveniently located within a block of the 145th Street-3 subway station, and is adjacent to the 145th Street Bridge and the FDR Drive. Just steps away from the building is the Colonel Charles Young Playground, which features ballfields, basketball courts and handball courts.
Camber Property Group has been making an impact in the affordable housing market in New York City for years, developing innovative projects and preserving much-needed affordable housing in communities across the five boroughs. Most recently, the company opened The Strand, a 132-unit, mixed-use development located in the heart of Ridgewood, Queens, and completed 162 units of affordable housing in The Bronx at the Tiffany Street Apartments. Camber is currently rehabbing more than 700 affordable units at two major developments, West Farms in the Bronx and the Prospect Park South Portfolio in Brooklyn.
More information on Camber Property Group can be found at www.camberpg.com.
Source: John DeSio, Risa Heller Communications