By GlobeSt News Hub | New York
NEW YORK CITY-Preservation Development Partners, a newly established venture, has completed its first acquisition by purchasing the Trinity Apartments, a 75-unit apartment complex located in the Bronx, for $9.8 million. The partnership will invest $3 million in addition for the renovation of the property.
The Bronx acquisition was funded by $9.9 million in bonds granted under the New Housing Marketplace Plan, an $8.4 billion scheme managed by the Housing Development Corp. of the city to protect affordable housing. For the full story, go to Crain’s New York Business.