Fairstead pays $75.5m for affordable housing buildings in New York City

Fairstead Affordable has paid $75.5m for two affordable housing apartment buildings in New York City's Harlem neighborhood. Built in 1940, the buildings offer a total of 214 units. The assets’ floor plans include studio and one- through three-bedroom layouts. A HUD Project Based Section 8 contract and HPD Article 11 regulatory agreement will keep the multifamily portfolio affordable for the next 40 years. Ariel Property Advisors represented both the buyer and the seller, Harlen Housing Associates.