Purchase of the five-building complex is the second for year-old Preservation Development Partners, which aims to buy and preserve affordable housing. A third deal is in contract.
BY AMANDA FUNG
Preservation Development Partners, a year-old firm focused on acquiring and preserving affordable housing across the city, has paid $36 million for East River Apartments, a 179-unit residential complex in East Harlem. The deal is the firm’s second to date.The five building complex, located at 109-125 E. 130th St., at Lexington Avenue, will remain a Section 8 affordable housing development for at least 20 more years, according to Francine Kellman, principal of Preservation Development Partners,…