Linden Plaza East New York Brooklyn
NYC Newswire
Linden Plaza East New York Brooklyn
Camber Property Group has officially acquired the 11-building, 1,527-unit Linden Plaza apartment complex in East New York, Brooklyn, for nearly $1 billion, as reported by Commercial Observer. The property was purchased from Linden Plaza Preservation, an entity managed by RY Management, with the deal closing just before the new year. Rick Gropper, founding principal at Camber, described the acquisition as “a historic transaction and one of the largest multifamily transactions,” emphasizing its potential to significantly improve the living conditions for residents through a public-private partnership.
$400 Million Investment in Property Improvements
Camber plans to invest $400 million in extensive renovations throughout Linden Plaza. Planned upgrades include new kitchens, bathrooms, and modernized common areas, along with critical HVAC system improvements. These renovations aim to address longstanding issues reported by residents, such as mold, collapsing ceilings, and persistent leaks—issues that were previously ignored despite repeated complaints. To ease the renovation process, Housing Opportunities Unlimited will assist tenants with temporary relocation during construction.
Tenant complains about kitchen at Linden Plaza
NYC Newswire
Tenant complains about kitchen at Linden Plaza
Tenant complains about kitchen at Linden Plaza
NYC Newswire
Tenant complains about kitchen at Linden Plaza
Financing Backed by Major Institutions
The $845 million total development cost is being financed through support from major financial institutions, including J.P. Morgan Chase, Merchants Capital, the New York City Housing Development Corporation (HDC), the Department of Housing Preservation and Development (HPD), and Freddie Mac loans. Notably, no brokers were involved in the deal.
Introducing Essential Social Services for Residents
Beyond physical renovations, Camber and its partners are committed to bringing essential social services to Linden Plaza. Planned services include mental health counseling, job training programs, and financial literacy workshops to support tenants’ long-term well-being. Gropper highlighted that this initiative will not only restore previously unusable amenity spaces but also foster a sense of pride and community among residents
Addressing Years of Neglect in East New York
Built in 1971 over a former nine-block railyard with development rights from the Metropolitan Transportation Authority, Linden Plaza has suffered from years of neglect. Residents have voiced concerns about unsafe living conditions, which Camber now aims to correct with its extensive improvement plan.
A New Chapter for Linden Plaza and East New York
Camber Property Group’s acquisition marks a significant turning point for Linden Plaza and East New York. Through massive renovations and comprehensive social support services, the project promises to deliver safer, more comfortable living conditions and a revitalized community environment for over 1,500 families.
