Camber pays $107.5M to Omni New York for two elevator buildings in East New York

Camber Property Group through the entity Remeeder Houses Housing Development Fund Company, paid $107.5 million to Omni New York through the entity Remeeder Houses Housing Development Fund Company, for 195-unit residential elevator building at 579 Blake Avenue in East New York, Brooklyn and 65-unit residential elevator building at 350 Sheffield Avenue in East New York, Brooklyn.
To finance the acquisition, Camber Property Group through the entity Remeeder Houses Housing Development Fund Company, as borrower signed an acquisition loan with lender Merchants Bank of Indiana valued at $90 million.
The deal closed on December 23, 2021 and was recorded on February 1, 2022.
The two properties have 214,326 square feet of built space and 70,351 square feet of additional air rights for a total buildable of 284,249 square feet according to PincusCo analysis of city data. The sale price per built square foot is $501 and the price per buildable square foot is $378 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Omni New York was Eugene Schneur. The signatory for Camber Property Group was Rick Gropper.
Prior to this transaction, the buyer Camber Property Group purchased 27 properties in 16 transactions for a total of $281.1 million and sold five properties in three transactions for a total of $77 million over the past 24 months.
The seller Omni New York purchased 98 properties in two transactions for a total of $64.7 million and sold 12 properties in five transactions for a total of $198.5 million over the same time period.
The two properties with a total of 214,326 square feet of built space generated revenue of $5.2 million per year or $24 per square foot. The sale price per square foot was $502.

This is part of Camber Property Group’s acquisition of Omni’s affordable housing portfolio.
In East New York, the bulk, or 31 percent of the 68.3 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, East New York has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, East New York has 2.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, all properties are residential elevator.
The former owners according to the Department of Housing Preservation and Development included Eugene Schneur, head officer and Alvida Peques, site manager. The business entities are Reliant Realty Services, Llc and Remeeder Houses, L.P.

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