Community Preservation Corporation, The Community Development Trust, Monadnock Development, Red Stone Equity Partners and the Black Developers Network Triboro have purchased a partial interest in three affordable multifamily buildings located in Brooklyn’s Williamsburg and Brownsville neighborhoods for a total of $9.29 million from Dunn Development Corp.
This purchase was part of a larger portfolio that was sold early last year; the same group of buyers acquired an interest in 13 buildings comprising 1,036 units for $36.5 million with an agreement to maintain affordability for low-income tenants. Furthermore, proceeds from this sale will fund the Blue Sky Social Justice Fund -a charitable organization dedicated to promoting social justice and human rights- which has recently been established.
Ariel Property Advisors represented the seller with Victor Sozio and Shimon Shkury leading their team throughout this process.
