Fairstead Capital buys 42 apartment buildings in Brooklyn

Fairstead Capital has closed on the purchase of a 42-building affordable housing portfolio in Sunset Park neighborhood of Brooklyn. The portfolio contains 403 Section 8 apartments in four housing complexes. As a condition of the deal with New York City's Department of Housing Preservation and Development, Fairstead agreed to keep all of the units affordable for the next 30 years. The buyer intends to make capital improvements to the assets which include upgrading the common areas and energy systems as well as making in-unit repairs. The seller, E&M Associates, has owned the buildings since 1982. In a statement, a Fairstead representative said that the purchase represents the company's continued support for New York City affordable housing sector and its long-term belief in the Brooklyn market. However, he declined to comment on the price.