Camber Property pays $87M to Omni New York for three rentals, part of $105M deal

Camber Property Group pays $87 million to Omni New York for three rentals in two separate transactions, which are part of a larger $105 million deal.

In the larger, Camber Property Group through the entity 2060 Pitkin Ave LLC paid $60 million to Omni New York through the entity Grace Towers Apartments, L.P. for 168-unit rental (D3) at 2060 Pitkin Avenue in East New York, Brooklyn.
The deal closed on November 19, 2021 and was recorded on December 7, 2021.
The property has 165,466 square feet of built space and 28,800 square feet of additional air rights for a total buildable of 194,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $362 and the price per buildable square foot is $308 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.

This is part of a $105 million acquisition of three Project Based Section 8 affordable housing complexes.
The former owners according to the Department of Housing Preservation and Development included Eugene Schneur, head officer and Fermin Garcia, agent. The business entities are Reliant Realty Services, Llc and Grace Towers Apartments, L.P.

Direct link to Acris document. link

In the second, Camber Property Group through the entity 1971 Grand Avenue LLC paid $27.0 million to Omni New York through the entity Target V Housing Development Fund Company, Inc. for 39-unit rental (D7) at 1971 Grand Avenue in Morris Heights, Bronx and 44-unit rental (D5) at 1975 Grand Avenue in Morris Heights, Bronx.
The deal closed on November 19, 2021 and was recorded on December 7, 2021.
The two properties have 81,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $333 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.Within a 400-foot radius of 1975 Grand Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $17.5 million. The most recent of the two was Atlantic Development Group which borrowed $11.1 million from Signature Bank secured by the 87,132-square-foot, 84-unit rental (D1) on 31 West Tremont Avenue on September 15, 2021.

Direct link to Acris document. link