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Hudson Valley Property closes on $190m in affordable housing preservation in NYC
Transactions - MARCH 9, 2022

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Hudson Valley Property closes on $190m in affordable housing preservation in NYC

by Released

Hudson Valley Property Group (HVPG) has closed on two preservation transactions across three multifamily properties — the first at Keith Plaza (2475 Southern Boulevard, Bronx, N.Y.) and Kelly Towers (2405 Southern Boulevard, Bronx, N.Y.), and the second at Los Tres Unidos Apartments (1680 Madison Ave., New York, N.Y.).

HVPG will preserve the 748 apartments at the three properties as long-term affordable housing with a total recapitalization value of $190 million. The deals include upgrades and renovations for each property, and the preservation process will not displace any tenants.

“In high-cost markets like New York, it is essential to ensure housing stays affordable across a broad spectrum of incomes,” said Jason Bordainick, a managing partner and co-founder of HVPG.  “This ensures families can build strong, lasting communities and the city can attract and maintain the vitality and diversity that make it so special. We thank our partners at the City, as wel

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