Preservation Development Partners was one of two winning bidders in the New York City Housing Authority’s search for a committed housing preservationist firm to acquire the major interest in New York City’s sale of 867 public housing apartment units owned by NYCHA and located throughout Manhattan, the Bronx and Queens.  The transaction closed in December, 2014. Preservation Development Partners and L+M Development Partners will pay NYCHA $150 million in the initial sale of a 50 percent stake, and another $100 million over the following two years. The developers will also funnel $100 million in revenues to NYCHA over the coming 15 years.  Preservation Development Partners and L+M also plan to invest $100 million in renovating the properties, located in Brooklyn, Manhattan and the Bronx. The developers and NYCHA, which will continue to own the land under the buildings, are set to form a partnership that will own the properties.