Construction is nearing completion on the first phase of Stevenson Square, an all-affordable residential development in Soundview, The Bronx. Designed by WXY Architecture + Urban Design in collaboration with NV5 and developed by Camber Property Group, the $1 billion three-phase master plan is being built on underdeveloped land surrounding the Mitchell-Lama complex, called Stevenson Commons. The first phase will yield 175 affordable units on a plot generally bounded by Stevenson Commons to the north, Seward Avenue to the south, White Plains Road to the east, and Thieriot Avenue to the west.

Avon-based affordable housing developer Honeycomb Real Estate Partners recently partnered with New York-based Camber Property Group in an $11.5 million purchase of the 86-unit Dobbs Crossing affordable housing complex in Vernon.

The deal will preserve affordable rents, while clearing the way for major renovations at the seven-building complex at 1170 Hartford Turnpike, according to the buyers.

The acquisition marks Camber’s second investment in Connecticut, following its $23 million purchase in 2023 of the 106-unit Oakland Heights Apartments complex in Manchester, at 360 Oakland St. In that deal, Camber partnered with the Community Preservation Corp., which provided a portion of the equity for the purchase.

In Vernon, Camber and Honeycomb said they plan to update apartment interiors, modernize kitchens and bathrooms, and make energy-efficient upgrades to heating and electrical systems. Exterior improvements, including new paving and lighting, are also planned.

Honeycomb Real Estate Partners is led by Managing Partner Lewis Brown.

Camber Principal Rick Gropper said his firm looks forward to growing its presence in Connecticut.

Dobbs Crossing was developed in 1980 under a U.S. Department of Housing and Urban Development mortgage program. The complex includes 56 one-bedroom units, six two-bedroom units and 22 three-bedroom units. Amenities include a playground, basketball court, laundry facilities and on-site parking.

As part of the deal, Camber secured a new 20-year housing-assistance payments contract with HUD. Corridor Property Management, which also oversees Oakland Heights, will handle Dobbs Crossing’s day-to-day operations.

Financing for the acquisition was provided by Merchants Bank.

Construction is complete on Robert C. Wood Apartments, an eight-story affordable and supportive housing development at 18‑26 Redfern Avenue in Far Rockaway, Queens. Designed by UAI and developed by Camber Property Group, Bowery Residents’ Committee (BRC), and the NYC Department of Social Services (DSS), the $100 million project yields 147 permanently affordable apartments and a 100-bed women’s shelter known as the Wanda Patterson Women’s Residence. The property is located between Dix and Mott Avenues.

The residential inventory contains 125 studios, nine one-bedroom, and 13 two-bedroom units. Of the studios, 88 are reserved as supportive housing for formerly homeless individuals. All units are affordable to households earning between 30 and 60 percent of the area median income (AMI). Resident amenities include on-site security, bike storage, laundry, community space, and building-wide Wi-Fi. Notably, the project received the 2025 NYC Brownfield Partnership Award for Sustainable Building Design.

Construction is progressing on 1601 DeKalb Avenue, a nine-story, two-building residential complex in Bushwick, Brooklyn. Designed by Aufgang Architects and developed by Camber Property Group and RiseBoro Community Partnership, the $75 million project will yield 127 affordable housing units in studio to three-bedroom layouts. Forty-five of the homes will be reserved for stable housing, and the property will provide supportive services for young families. The development is located between Wyckoff and Irving Avenues with frontage on both DeKalb Avenue and Hart Street.

The reinforced concrete superstructures were completed since our last update in mid-October, when the northern component was on the verge of topping out and the bulkier volume was in the process of being framed with CMU blocks. This portion of the structure is now almost fully enclosed in its gray brick façade on its eastern and western faces, and the grid of windows has been installed across the entire development. Only the ground floor and taller northern ends of the project remain to be enclosed. The latter likely won’t be finished until its two construction hoists are dismantled.

Affordable housing developer Camber Property Group has acquired a newly constructed multifamily property at 2886 Atlantic Avenue in Cypress Hills, Brooklyn, from The Jay Group for $72 million, Commercial Observer has learned.

The property was delivered vacant, a source close to the deal told CO, and has 183 residential units, 5,200 square feet of commercial space and 56 parking spots.

Both the buyer and seller were represented by Aaron Jungreis, Ben Khakshoor and Alex Fuchs from Rosewood Realty Group, as well as Scott Dweck from Latitude Property Group.

A spokesperson for Camber confirmed the sale and added that the property will be an affordable housing site in partnership with the New York City Department of Social Services and the Institute for Community Living. And that’s something the developer has been trying to do all over the city.

“Affordable housing, supportive housing, preservation of existing buildings and the new construction of transitional housing is really our area of focus — affordable housing and trying to make a dent in the housing crisis here in New York and across the country,” Rick Gropper, founding principal of Camber, previously told CO.

Rosewood Realty declined to comment on the sale. Dweck and The Jay Group did not immediately respond to requests for comment.

The 10-story apartment building at 2886 Atlantic Avenue was completed in 2023, according to StreetEasy. It took the place of a single-story transportation and utility building, Crain’s New York Business reported.

The building sits within the East New York, Ocean Hill and Cypress Hill rezoning, passed in 2016, which proponents said would help turn around some of the borough’s poorest neighborhoods but has been criticized for not delivering enough housing.

The U.S. is suffering from a severe shortage of at least 4.5 million homes, according to the U.S. Chamber of Commerce — although other reports suggest the number is closer to 7 million — and this deficit, which includes homes designated as affordable, has for decades burdened the economy, never mind Americans’ personal income.

In states such as California, Texas, Florida and New York, the GDP loss due to a lack of housing between 2008 and 2025 was more than $20 billion, the Chamber of Commerce found.

The housing shortage on the affordable end has become so acute that some of the biggest names in commercial real estate — including names on this Power 100 list — have made developing affordable housing a key part of their investment strategies.

Slate Property Group is one firm that has been working hard to help alleviate the housing crisis, as the majority of the 17,000 housing units in its portfolio have been designated as affordable. Slate co-founder David Schwartz told Commercial Observer in April that the company prides itself on its outside-the-box approach.

“We’re going to bring up ideas like converting the first hotel in New York state history to 100 percent affordable,” Schwartz said of an old Hilton near JFK Airport. “That’s a building that’s going to be opened in 18 months — half the time that it would take to build from the ground up.”

Additionally, LMXD, led by Lisa Gomez and David Dishy, has about $20 billion worth of affordable housing projects currently in development, with 57,000 units either completed or in progress.

Camber Property Group, led by founder Rick Gropper, spent nearly $1 billion with its financing partners this January to buy an 11-building, 1,527-unit apartment complex in Brooklyn. The company is now putting hundreds of millions of dollars into repairs at the complex.

“Affordable housing, supportive housing, preservation of existing buildings and the new construction of transitional housing is really our area of focus — affordable housing and trying to make a dent in the housing crisis here in New York and across the country,” Gropper said.

And Alicia Glen, a former New York City deputy mayor who founded and now leads MSquared, believes if a company is in a position to make a dent in this issue, it should. Toward the end of last year MSquared, alongside a team of investors, acquired 3333 Broadway — Manhattan’s biggest residential building — for $324 million with the goal of turning it into a truly 50-50 income building, where half of the units will be affordable or reserved for low-income families.

“We did that because I thought it was really important that capital like ours acquire buildings like this,” Glen said, “so that we can continue to improve them and to maintain this income mix — which is this very precious commodity — and be able to demonstrate that this works, and then investors can make money.”

PoliticsNY and amNewYork are proud to present the 2025 Power Players in Real Estate list. From public officials and business executives to nonprofit leaders and real estate lawyers, the 2025 Power Players in Real Estate are an impressive group of leaders driving the city’s growth and development. Through their important work these leaders are shaping communities, fostering economic growth, and ensuring equitable access to housing. We are honored to shine a light on these leaders who are dedicated to making New York City a place we can all call home.

Rick Gropper, Founding Principal, Camber Property Group

Gropper has 20 years of experience in the construction and preservation of affordable housing across New York City and beyond. Gropper is directly responsible for development transactions exceeding $4 billion of total cost and 20,000 units in aggregate. At the end of 2024, Camber closed on a nearly $1 billion transaction to take over Brooklyn’s Linden Plaza, which will undergo a massive rehabilitation, making it one of the largest multifamily deals of the year.

Is there a project you are excited to work on or see completed in 2025? We are currently working on Stevenson Square in the Soundview section of the Bronx, which is a $1 billion transaction that will create nearly 1,000 affordable homes. The first two phases will feature affordable homeownership allowing future residents to build equity over time in a co-op structure. The first phase will also include an affordable senior housing development with amenities and on-site services to support residents as they age in place.

Rick Gropper
Principal and co-founder at Camber Property Group

Are you going to buy in `25? If so, what asset class?
Camber remains bullish on the acquisition of existing affordable housing as well as land to build affordable, supportive and transitional housing. There is such an acute need for this type of housing as market rent climbs and the effects of inflation are felt on residents’ wallets. Camber has several deals currently in contract that will close in `25 in the permanent housing and transitional spaces.

Is there a single “good” sign you see in a distressed property that makes you want to buy it?
Desire to make a change. We see a lot of distressed opportunities and have a track record of successfully turning around some highly physically and financially distressed assets. This requires a lot of hands-on blocking and tackling with significant financial risk to the incoming developer. We won’t get involved in something unless we have good partners — including on the sell side of the transaction — who are all working toward the same goal. Basis helps, also.

What real estate or tax policy would you like to see from a Trump administration?
From an income tax perspective, we would like to see bonus depreciation reinstated, as it will phase down to 0 percent in 2027. This deduction is beneficial to us as direct owners of real estate, but even more so in our efforts to bring investors into the space. Low-Income Housing Tax Credit investors and conventional equity investors alike can use passive loss deductions to boost their returns on an after-tax basis and fund more capital into deals as a result. Permanent bonus depreciation is certainly something Trump can get behind — it’s from the Tax Cuts and Jobs Act of 2017.

Another tax-driven item would be exempting affordable housing from the volume cap for private activity bonds. This is a super nerdy thing, but would double affordable housing production in New York City over the next decade and greatly increase it nationwide.

If you could stack the new administration with people you know and do business with, who would you choose?
I would make Walter McNeil HUD secretary. He’s the longtime president of the Edenwald Houses tenants association and one of the best people I know. Walter lives in the 2,000-unit former New York City Housing Authority complex that we recapitalized, and are in the process renovating. He has an amazing perspective and temperament. Walter spent two and a half years fighting for our country in the Vietnam War. He then came back and landed a job at the U.S. Postal Service, where he worked until retirement.

Which market (outside of NYC) do you like best? Which market (including NYC) are you most fearful of?
As we grow nationally, it becomes more and more clear how difficult it is to do business here as a developer and owner. The level of regulation in New York City has become almost untenable between new local laws passed every day and collection issues. I don’t want to sound super-negative because New York City is our home base. There are things that we need to collectively do more efficiently to encourage investment here.

Outside of the city, Camber is working in a bunch of states now, and our experience in Ohio has been very encouraging.

What’s going to be your biggest expense in 2025?
Camber’s biggest expense is also its greatest asset: our team. For our operating assets, the biggest expense across the board is insurance. So many insurance carriers have dropped the New York City affordable housing market that the cost of insurance has doubled or even tripled over the past five years.

What are your predictions for the mayor’s City of Yes?
City of Yes is going to pass. The principles are sound and the pros at the Department of City Planning and City Hall are going to help get this across the finish line. I’m sure there will be modifications, but, even so, it will be a huge win for the city. Projections show it will increase housing production by 30 percent over a 15-year period.

Lightning Round

Social media of choice?
I waste a lot of time on Instagram. Follow my dog @batesthesilverfox.

AI: Helpful in CRE or a fad?
Helpful.

Last movie you saw in a theater?
“Straight Outta Compton.” That was 10 years ago.

You’re going on a six-month expedition into the Amazon. What’s your last meal before you get on the plane?
Pizza from Roberta’s.

Tesla or BMW?
Neither.

Will interest rates be below or above 4 percent on July 1, 2025?
Above, sadly.

If you could partner with one person in the business on a property, who would it be?
Ron Moelis. Don’t tell him. His head is big enough.

What are you tired of talking about?
Interest rates.

The City of Yes “should be best understood as a housing supply strategy rather than a housing affordability strategy,” said Brooklyn Borough President Antonio Reynoso.

Even political rivals like City Comptroller Brad Lander are advocating for City of Yes. “The proposals would also help us catch up with cities across the country that are working to end exclusionary zoning and further fair housing goals, correcting for dozens of rezonings over the past 20 years that limited new development in neighborhoods with strong access to public services,” Lander said in a statement. “In particular, allowing new development in transit-rich neighborhoods will help increase New Yorkers’ economic mobility and access to opportunity.”

One has begun to see a lot of transactions and multifamily deals brewing, particularly in the Bronx — some 33 sites sold there in the first half of 2024 for $166.4 million. (Which is a 50 percent jump over the first six months of the previous year.)

“The Bronx has great underlying fundamentals,” said Karen Hu of Camber Property Group, which is working on a $1 billion project in the borough, “including transportation, culture, food and entertainment and open space, so it’s no surprise that development has taken off in the borough.”

Construction is progressing on 1601 Dekalb Avenue, a nine-story, two-building residential complex in Bushwick, Brooklyn. Designed by Aufgang Architects and developed by Camber Property Group and RiseBoro Community Partnership, the $75 million project will yield 127 affordable housing units in studio to three-bedroom layouts, with 45 reserved for stable housing and supportive services for young families. Urban Atelier Group is the general contractor for the property, which is situated on an interior lot between Wyckoff and Irving Avenues with frontage on both Dekalb Avenue and Hart Street.

Recent photographs show the western building’s reinforced concrete superstructure built to its pinnacle along Hart Street, with CMU blocks framing the openings for the window grid. Façade installation has yet to begin. The eastern structure is further behind, standing only three stories above Dekalb Avenue, but could potentially top out before the end of the year.

Construction has topped out on 114 Snediker Avenue, a four-story women’s shelter in East New York, Brooklyn. Designed by Curtis + Ginsburg and developed by Camber Property Group and Urban Atelier Group, the 60,000-square-foot, all-electric structure will yield 60 dormitory-style units accommodating 200 beds, as well a cellar level and a 60-vehicle surface-level parking lot. The property is bound by Glenmore Avenue to the south, Snediker Avenue to the east, and Van Sinderen Avenue to the west.

Recent photographs show the reinforced concrete superstructure built to its pinnacle and crews in the process of completing the parapet with CMU blocks. Metal frame studs, yellow insulation boards, and additional CMU blocks are gradually enclosing all four sides of the building above the sidewalk shed and wooden fencing. YIMBY expects façade installation to begin sometime near the start of winter.

The affordable housing lottery has launched for 18-26 Redfern Avenue, an eight-story mixed-use building in Far Rockaway, Queens. Developed by Camber Property Group and designed by Urban Architectural Initiatives, the structure yields 59 residences. Available on NYC Housing Connect are 58 units for residents at 60 percent of the area median income (AMI), ranging in eligible income from $48,309 to $100,620.

Amenities include bike storage lockers, shared laundry room, elevator, and a community center. Residences come with hardwood floors, energy-efficient appliances, and name-brand kitchen appliances, countertops, and finishes. All utilities are included.

At 60 percent of the AMI, there are 37 studios with a monthly rent of $1,409 for incomes ranging from $48,309 to $74,580; nine one-bedrooms with a monthly rent of $1,509 for incomes ranging from $51,738 to $83,880; and 12 two-bedrooms with a monthly rent of $1,811 for incomes ranging from $62,092 to $100,620.

It’s no exaggeration to say that real estate has been a driving force behind New York City’s economic vitality over the centuries. A recent Columbia Business School article cautions, however, that “the rise of remote work, declining commercial property values and the resulting decreased tax revenue demand bold solutions.”

Fortunately, this dynamic sector consistently attracts some of the boldest thinkers in business, as evidenced by the 79 professionals we spotlight in this issue. Whatever their role, each of these leaders is pushing the boundaries of development, design, construction, leasing and sales to keep New York City a vibrant heart of real estate innovation and economic growth. Read on to celebrate these trailblazers and their contributions to the essential fabric of this city.

Joanna Kandel, director, Camber Property Group

Scope of work: Joanna Kandel is director of the property developer Camber Property Group. She oversees new development projects, provides oversight and assistance to junior staff, manages contractors, prepares proposals and analyzes acquisition opportunities. She also represents the firm at meetings with lenders, business partners, government agencies and community stakeholders.

Biggest career win: Kandel successfully helped facilitate the development of more than 700 new units of affordable rental, homeownership and senior housing opportunities across six new developments at the Stevenson Commons in the Bronx.

Other contributions: Kandel volunteers for multiple causes, including universal childcare, public transit access and improving recreational facilities. She previously served as a board member for the housing association Women in Housing and Finance for six years.

New renderings have been revealed for Liberty Landing, an affordable housing conversion and expansion of the former Bayview Correctional Facility at 550 West 20th Street in West Chelsea, Manhattan. Designed by COOKFOX Architects and developed in a joint venture between Camber Property Group and Osborne Association, the $108 million project will involve the repurposing of the 100,000-square-foot Art Deco building and the construction of a seven-story addition atop its parapet. The development will yield 124 permanently affordable housing units, with 74 dedicated to formerly incarcerated individuals, as well as 15 short-term transitional homes for individuals with mental health challenges, on-site supportive services, and a ninth-floor outdoor terrace. The property is located at the corner of West 20th and West Streets, across from Hudson River Park and directly abutting Jean Nouvel’s residential tower at 100 Eleventh Avenue.

The renderings depict the seven-story expansion enclosed in a light brick façade with floor-to-ceiling windows, rounded corners, and capped with a mechanical bulkhead with a matching curved massing.

COOKFOX’s design also includes an interior courtyard and a 9,300-square-foot community facility with youth-oriented programming. The on-site supportive services will include workforce development programs, family and relationship coaching, living skills training, and nutrition education. The transitional homes will be funded by the State Office of Mental Health.

“Every New Yorker deserves access to safe, stable, and affordable housing,” said Governor Kathy Hochul. “Liberty Landing represents a significant step forward in our efforts to provide inclusive housing opportunities and support to vulnerable New Yorkers. This innovative project will transform a former symbol of incarceration into a beacon of hope, healing, and opportunity.”

“With decades of experience in reentry support, Osborne is expanding its housing portfolio in direct response to the overrepresentation of older adults and LGBTQIA+ people in our jails and prisons and the dearth of housing options for them when they return to the community,” said Osborne Association president and CEO Jon Monsalve.

The former nine-story Bayview Correctional Facility was designed by Shreve, Lamb and Harmon and built in 1931. The building originally housed a YMCA before serving as a detention center for incarcerated women beginning in the 1970s. The structure has sat vacant following floodwater damage to the boilers and electrical systems from Hurricane Sandy in October 2012.

Construction is nearing completion on Beach Channel Apartments, an eight-story affordable housing building at 13-12 Beach Channel Drive in Far Rockaway, Queens. Designed by Urban Architecture Initiatives (UAI) and developed by BRC and Camber Property Group, the structure is set to yield 147 affordable units and 100 shelter units with supportive services, as well as residential amenities and a 1,239-square-foot community facility on the ground floor. The property is located on an interior lot between Beach Channel Drive and Redfern Avenue.

Recent photographs show most of the exterior work finished, with some minor work still wrapping up on the parapet and around the ground floor, which remains blocked off by scaffolding and construction netting. The roadway, sidewalks, landscaping, and first-floor envelope are underway and should be finished in the coming months.

The exterior is composed of tan EIFS paneling surrounding a grid of large windows and gray and orange accenting, with black trim grouping the fenestration in three- to four-story rectangles. The ground floor is clad in gray brick, adding contrast to the appearance. Black cornices are in the process of lining the edges of the flat roof parapet and fifth-story setback.

Last April 4, 2024, Camber Property Group and RiseBoro Community Partnership co-hosted a groundbreaking ceremony for 1601 DeKalb Avenue, a $75 million dollar affordable development featuring 127 units of new housing in Bushwick.

Camber and RiseBoro were joined by numerous elected officials and community leaders at the groundbreaking celebration, including Brooklyn Borough President Antonio Reynoso, City Council Member Sandy Nurse, New York City Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr., New York City Housing Development Corporation Senior Vice President Lauren Connors and former City Council Member Rafael Espinal.

1601 DeKalb Avenue went through a lengthy rezoning process to convert what was previously a manufacturing-zoned vacant lot to a designation suitable for housing. During this rezoning, which was completed in 2018, Camber and RiseBoro collaborated closely with local elected officials, Brooklyn Community Board #4 as well as community stakeholders to achieve a 100 percent affordable project.

The development team closed on the project in December 2023. Construction at 1601 DeKalb Avenue is expected to be completed in December 2025. The building is designed by Aufgang Architects. The general contractor is Fifth Avenue Builders.

“Our city faces a housing crisis, and projects like 1601 DeKalb Avenue are critical to solving that issue by providing affordable homes for those New Yorkers who need them the most,” said Rick Gropper, Principal at Camber Property Group. “Bushwick is a wonderful community, and we are thrilled to be a part of it. We look forward to working with our partners RiseBoro, local elected officials, and the community as a whole to ensure that 1601 DeKalb Avenue is a project that all of Brooklyn can be proud of.”

“Riseboro is so proud to break ground on the 1601 DeKalb Avenue development. We would like to thank our partners at Camber and the local elected officials who helped make this happen,” said Scott Short, CEO at RiseBoro Community Partnership, “Bushwick residents deserve housing that reflects the vibrant community of the neighborhood, and that is exactly what we hope to give them with this project.”

“Projects like 1601 DeKalb Ave. that bring 100% affordable homes can make a world of difference in neighborhoods like Bushwick, where housing costs are high and displacement pressures are strong,” said Brooklyn Borough President Antonio Reynoso. “It is no secret that New York is in the middle of a severe housing crisis that is making life unaffordable for far too many Brooklynites. If we are going to ensure our borough can be a stable home for new and longtime residents, we must follow in the tradition of 1601 DeKalb, working hand in hand to ensure community needs are put first and our neighborhoods can flourish. Thank you to Camber, RiseBoro, local leaders, and members of the Bushwick community for your teamwork on this essential housing project.”

“These 127 affordable housing units are a welcome addition to Bushwick,” said Council Member Sandy Nurse. “With affordable housing vacancies at record lows, projects like 1601 Dekalb are crucial to alleviating our City’s most intractable crisis. Over the last 10+ years, market rate development has dominated in Bushwick, producing housing that is out of reach for the nearly 50% of Bushwick residents who spend over 35% of their income on rent. We desperately need more affordable and supportive housing units and I am happy that — after years of negotiating with community organizations, the development team, and local officials — we are finally able to see this affordable development come to fruition.”

“This development will help meet some of our community’s most pressing needs,” said State Senator Julia Salazar. “Expanding truly, permanently affordable housing for individuals and families: check. Creating high efficiency building infrastructure to minimize carbon emissions and protect our climate: check. Putting an important vacant lot to good use: check. I applaud RiseBoro and Camber Property Group for their partnership in completing this project.”

“I am extremely honored to join the Camber Property Group and Riseboro in spirit to celebrate the Groundbreaking for 1601 Dekalb Avenue. This development is not only 100% affordable but will also help house 127 families in the heart of Bushwick. In a community that is rapidly changing and facing the challenges of gentrification, this is a huge accomplishment that we have fought for many years,” said Assemblywoman Mariza Davila. “This is why I am so passionate about building strong community partnerships, passing the budget, and strengthening legislation, to see hard work come into fruition. We will continue to fight for more deep affordable housing.”

“We’re not just building homes in Bushwick; we’re providing stability for 127 families,” said HPD Commissioner Adolfo Carrión Jr. “New York City’s housing crisis is dire, with the number of available apartments at a historic low, but today we are creating new opportunities. 1601 DeKalb is part of the solution. As we celebrate this groundbreaking, we are also doubling down on our commitment to building more housing and addressing the need for long-term housing security.”

“Once complete, 1601 DeKalb will provide 127 deeply affordable homes, coupled with supportive services for dozens of families and individuals who have experienced homelessness,” said HDC President Eric Enderlin. “Congratulations to all our partners, and we look forward to working together to bring much-needed affordable housing to the Bushwick community.”

“We are proud to have been a part of this unique financing that is bringing new affordable housing to the Bushwick community,” said Richard Gerwitz, Managing Director, Citi Community Capital. “Our congratulations to Camber, Riseboro and the public officials and staff of HPD and HDC who worked so hard to get to this point.”

“When I approved the rezoning of 1601 DeKalb Avenue, I was committed to demonstrating how we can achieve truly affordable, sustainable living in Bushwick – and across New York City – through community collaboration and determination,” said former Council Member Rafael Espinal. “This project stands as a testament to our collective vision, transforming a vacant lot into a vibrant, green residence that prioritizes the needs and sustainability of its community. As we celebrate this milestone, let us continue to work toward a future where every New Yorker has access to quality, affordable housing. Because if we can transform private land in Bushwick into housing that is inclusive of all New Yorkers, we can replicate this success anywhere.”

1601 DeKalb Avenue will feature 33 studios, 52 one-bedrooms, 24 two-bedrooms, and 18 three-bedroom apartments, allowing for a mix of different types of families. 45 of the units will be funded by the NYC 15/15 program, which will provide rental assistance and fund social services to help young families with children achieve long-term housing stability.  The rental affordability of the units will range from 40% to 100% of the Area Median Income.  Fifty percent of the units will remain affordable in perpetuity.

The 1601 DeKalb project will also include on-site property management and social services offices, 24/7 security, and laundry facilities. The development team is expecting to start marketing all affordable units through HPD’s Housing Connect portal in mid-2025. As with all HPD-funded projects, there will be a 50% Community Board preference, a 5% set-aside for mobility-impaired individuals and 2% set-aside for the vision/hearing impaired.

The project will be among the greenest new buildings in New York City. It will comply with the Enterprise Green Communities Criteria for increasing energy efficiency, decreasing carbon emissions, and prioritizing community health and well-being. 1601 DeKalb’s high efficiency heating and cooling systems will be fully electric. Ample bike storage, community rooms, and the open landscaped courtyard space will provide opportunities for passive and active on-site recreation.

1601 DeKalb Avenue has easy access to public transit due to its location within half a block of the DeKalb Avenue stop on the L subway line and the B13 and B38 bus lines. The project is also easy walking distance to Maria Hernandez Park and Grover Cleveland Playground.

With the addition of 1601 DeKalb Avenue, Camber continues to expand its affordable housing presence in Brooklyn. Camber owns and operates nearly 1,000 units of affordable housing in the neighborhoods of Prospect Park South and East New York.

Rick Gropper has been named to the Schneps Power Players in Real Estate list.

Elected officials and community leaders joined Camber Property Group today to break ground on Phase 1 of the $1 billion Stevenson Square affordable housing development project in the Soundview section of The Bronx. The $76 million development of Building 4 will create a six-story building with 117 studio rental units of affordable senior housing and the $49.5 million homeownership development will create 58 units of 100 percent affordable co-op units in partnership with Habitat for Humanity New York City and Westchester County.

Camber was joined at the event by Bronx Borough President Vanessa Gibson, Majority Leader of the City Council Amanda Farías, State Senator Nathalia Fernandez, State Assembly Member Karines Reyes, Adolfo Carrion, Commissioner, New York City Department of Housing Preservation (HPD);  Ruthanne Visnauskas, Commissioner of the New York State Division of Housing and Community Renewal (HCR), as well as other partners and community leaders.

“Breaking ground on Stevenson Square represents the start of a transformational public private partnership to bring critically needed affordable housing to the Soundview community,” said Rick Gropper, Principal at Camber Property Group. “The first phase of this $1 billion project will create affordable homeownership units as well as rental opportunities for seniors that will strengthen the community and provide a home for those who need it the most. Thank you to our elected officials and government and community partners for helping this incredible vision come to life.”

QUOTES

“Today’s groundbreaking is the beginning of a new wave of opportunities for generations of families in Soundview and across District 18. While our City is faced with the challenges of both a housing and affordability crisis- projects like this are how we fight to keep New York for New Yorkers. That is why I am proud to have allocated $2 million toward a project that centers affordability and the direct needs of our community,” said City Council Majority Leader Amanda Farías. “Stevenson Square will bring homeownership and affordable senior housing to our intergenerational community ensuring we can not only raise our families here, but age in place with dignity. I look forward to seeing this development come to fruition and I am glad to have helped make this public-private partnership a reality for Bronx families in District 18.”

“Stevenson Square represents an opportunity for us to reimagine housing in our borough by ensuring accessibility, affordability, homeownership, and support for our most vulnerable residents are at the forefront of our housing priorities,” said Bronx Borough President Vanessa L. Gibson. “This $1 billion project will help transform the Soundview neighborhood and ensure our seniors can age in place with dignity and respect, residents living with disabilities will have units dedicated to their unique needs, and families can have ownership of where they live and enjoy building amenities without having to leave their neighborhood. I want to thank Camber Property Group, my colleagues in government, and everyone else responsible for bringing this project one step closer to completion.”

“The Stevenson Square project is going to be a pivotal development for our community” said Assembly Member Karines Reyes, R.N. “This project will create sorely needed senior units in our area, so that our neighbors can age in place. Additionally, this program will expand opportunities for homeownership, especially for young professionals and working class families. Since 2018, I am pleased that I have had the opportunity to support the necessary abatements for this plan to occur and I am thankful for the various partners that have come together to make this new affordable housing development possible.”

“Stevenson Square is a welcome step forward in our collective efforts to address the housing crisis in our city,” said State Senator Nathalia Fernandez. “The demand for affordable housing far exceeds our supply, contributing to social inequality and limiting individuals’ ability to invest in their future. This project will help to create safe, quality, and affordable units that reflect the needs of our neighbors in Soundview, and will help build a stronger, more vibrant community where everyone has the opportunity to succeed. I’m excited to watch this project come to life and look forward to continue working together to invest, innovate, and advocate for housing policies that have a positive impact on the Bronx.”

“Every New Yorker deserves a chance at the American dream: owning a home, setting down roots, and becoming a part of a larger community – today’s groundbreaking is about more than just these wonderful new homes, it’s about keeping these dreams alive right here in The Bronx,” said HPD Commissioner Adolfo Carrión Jr. “We’re excited to see this development flourish and thrilled to be collaborating with our city and state partners to continue creating high quality affordable housing.”

“The inclusion of 58 cooperative homes in Stevenson Square acknowledges the dire need for more quality homeownership opportunities in the Bronx,” said Homes and Community Renewal Commissioner RuthAnne Visnauskas. “Future homeowners will be able to build equity and access the generational wealth that has been unjustly kept out of reach for many New Yorkers, particularly people of color. We are thrilled to lend our support with $11.6 million from the Affordable Homeownership Opportunity Program, which was created by Governor Hochul to boost the supply of affordable, single-family, cooperative and condominium homes in communities across the state and stem the outmigration of families from New York. Thanks to HPD and our development partners for seeing the potential in underutilized space on the Stevenson Commons campus and making this transformative project a realty for the residents of Soundview.”

“Stevenson Square is what housing justice looks like. The inclusion of affordable homeownership in this exciting project will provide generations of Bronx families with the chance to benefit from equity-building opportunities in their own healthy and affordable homes,” said Karen Haycox, CEO, Habitat for Humanity New York City and Westchester County.

“R.A.I.N. looks forward to the collaboration with Camber Property Group to expand its footprint in providing quality services and innovative programming to our older adults at Stevenson Square,” said Anderson Torres, President & CEO, R.A.I.N Total Care.  We honor our commitment in advocating for our vulnerable community and ensuring access in a culturally and linguistically competent manner since 1964.

“We are thrilled to have supported the incredible Stevenson Commons development through the Enterprise Community Loan Fund,” said Baaba Halm, Vice President and Market Leader, Enterprise New York. “By using infill development to add 58 new homeownership opportunities to the already-flourishing 948-unit complex, our partners at Camber Property Group have taken an innovative approach to meet a variety of important housing needs.”

Stevenson Square is an exciting master-planned development on underutilized land attached to Stevenson Commons, a 948-unit HPD Mitchell Lama complex. When all phases of Stevenson Square are complete, the development will consist of nearly 1,000 new affordable units, 30,000 square feet of community facility space, new tennis courts, a walking path, a sensory playground and plentiful outdoor landscaped recreation space.

A public-private partnership, the first two phases of this development are being supported by a multitude of financing sources including funds from HPD, HDC, HCR, Council Member Farias, Borough President Gibson, Bank of New York Mellon and Freddie Mac. Construction on these projects is expected to be complete in January 2026.

RENTAL [BUILDING 4]:

This six-story building will contain 117 units of affordable senior housing with a focus on healthy living and sustainability. The building is being developed in partnership with non-profit Regional Aid for Interim Needs (R.A.I.N), a Bronx-based multi-service agency focused on providing a continuum of care for seniors. Services provided by RAIN will include assessments, counseling, referrals and advocacy for residents. Additionally, full-time staff will organize recreational, social, and educational activities and trips for residents.

Designed by WXY, the building will promote health, wellbeing, and an elevated quality of life for residents by integrating Aging in Place and Active Design guidelines in all units and throughout the common elements of the building. Features will include grab bars, roll-in showers, and memory assistance cues, such as distinctive hallway and door colors. Additionally, there will be six units dedicated for individuals who are mobility impaired and three units for individuals who are hearing or visually impaired.

The new building will include approximately 5,000 square feet of programmed residential amenity space located at the ground floor and rooftop of the building. Additional amenities will include on-site security and social service staff, a community room, a gym, a fourth-floor roof terrace, a ground level patio, and a laundry room. Residential parking will be located at-grade in the rear of the building.

The building also incorporates the latest sustainability standards by both complying with Enterprise Green Community standards and by utilizing Energy Star components and solar panels to off-set energy consumption. The building will contain 5G wireless and fiber internet to offer residents quality internet service in their apartments and common areas. Additionally, Free Wi-Fi will be provided in all common areas of the building.

The project will be financed using a $40 million construction loan provided by Bank of New York Mellon, nearly $20 million of subsidy from HPD as well as $25 million of equity from Hudson Housing Capital and Bank of New York Mellon generated in connection with the sale of Low Income Housing Tax Credits. Freddie Mac, serviced by M&T Bank has provided a forward commitment for the takeout of the construction loan.

HOMEOWNERSHIP [BUILDINGS 5 & 6]:

Designed by WXY, this phase of the project involves the new construction of two buildings: a 22,750 square foot, four-story building, with 16 homeownership apartments, and a neighboring 46,650 square foot, four-story building with 42 homeownership apartments. Together, the proposed buildings will include 11 one- bedroom units, 31 two-bedroom and 16 three-bedroom units. Units will be priced and available to households earning between 70-80 percent of AMI. This makes the average sales price $174,000  for a one-bedroom apartment, $207,000 for a two-bedroom and $237,000 for a three bedroom. The buildings will include dishwashers, in-unit washers and dryers, landscaped front and rear yards, and bike storage.

The project will be financed with a construction loan of nearly $10 million from Enterprise as well as subsidy from NYC HPD and NYS HCR totaling approximately $30 million in the aggregate.  Financing also includes nearly $4 million in Reso A City Capital contributed by Council Member Amanda Farias and the Bronx Borough President.

About Camber Property Group

Since its founding in 2016, Camber Property Group has made an impact developing innovative projects and preserving much-needed affordable housing in communities across New York City. The firm has amassed a portfolio of nearly 10,000 units totaling upwards of $2.5 billion in market value. Camber most recently closed on and began the renovation of the largest public housing development in the Bronx known as Edenwald Houses totaling 2,000 units and nearly $1 billion of development cost. The firm also started construction on a 150,000 square foot affordable housing project in Far Rockaway, Queens that will include a 100 bed transitional housing facility as well as a 147 unit supportive housing component.

Karen Hu is executive vice president and head of development at Camber Property Group, where she leads a diverse team committed to the creation and preservation of affordable housing.

A New York City-based affordable housing developer is upgrading a Manchester property, marking the firm’s first foray into Connecticut.

Camber Property Group closed on Oakland Heights, a $23 million, 106-unit complex late last month. They signed an agreement with the U.S. Department of Housing and Urban Development to keep the project affordable for 20 years.

As any real estate expert can tell you, the largest U.S. multifamily transaction ever financed by historic tax credits doesn’t happen without all the players at the negotiating table getting something out of the deal.

Alejandra Ramos, Assistant Project Manager, Camber Property Group

Number of years in CURRENT position: 1.5

3 skills that you use every day in your position: Creativity, positivity, negotiation

Best book, podcast, or app for aspiring leaders: Eviction: Poverty and Profit in the American City, by Matthew Desmond for those interested in why affordable housing is so necessary.

Best advice for new leaders in 10 words or less: Where there is a will, there is a way. (cliché, but true)

What recent project, transaction or accomplishment are you most proud of? While at Camber, I have been working on the largest NYCHA PACT project to date, Edenwald Houses, in the Bronx. I have had the pleasure to work with an incredible team that I’ve been able to learn from every day as we work to close the transaction this summer and bring much-needed repairs, responsible property management, and more to over 5,000 residents.

What makes this nominee an Industry Leader? “Alejandra has the stomach to weather the ups and downs of development in the Big Apple, an even keel and professional manner that makes working with her a pleasure, and a huge heart that aligns with Camber’s mission to provide affordable housing for the most needy. Alejandra is going places!”– Karen Hu, EVP/Head of Development at Camber Property Group.

Bowery Residents’ Committee (BRC), Camber Property Group (CPG), and Fifth Avenue Builders (FAB) – a joint venture between Urban Atelier Group (UAG) and CPG–have topped out on 13-12 Beach Channel Dr., a 100% affordable housing development in Far Rockaway. The development will consist of an eight-story building with 146 affordable and supportive apartments, social service programming, and a community facility with various tenant amenities. Beach Channel Dr. is expected to be completed in January 2025. The project will also include 100 shelter units with supportive services for single women provided by BRC, addressing two critical needs facing the city.

The $97 million project is financed in partnership with Citibank, Freddie Mac and the New York City Department of Housing Preservation and Development.

“BRC is grateful for the opportunity to provide vulnerable and low-income New Yorkers with opportunities for health and self-sufficiency at Beach Channel Dr.,” said Muzzy Rosenblatt, CEO and president of BRC. “Together with our partners, we continue to develop opportunities for safe and quality housing for the New Yorkers who will benefit greatly.”

“The need for affordable and supportive housing in New York City grows by the day, and projects like Beach Channel Drive are leading the way to fill that critical demand and provide families with the high-quality homes they deserve,” said Rick Gropper, principal at Camber Property Group. “This topping out ceremony represents a major step towards this project’s completion and a new vision for affordability in Far Rockaway, and I congratulate our partners BRC and FAB for their efforts that lead to this milestone.”

“At FAB, we believe that everyone deserves access to safe, affordable housing, and we are proud to be part of a project that prioritizes the needs of vulnerable populations in our city,” said Andy D’Amico, president and CEO of Urban Atelier Group, joint venture partner in FAB. “By combining innovative design with compassionate programming, we hope to create a space that not only provides shelter, but also supports the physical and mental wellbeing of the individuals who call 13-12 Beach Channel Dr. home.”

13-12 Beach Channel Dr. is being developed in accordance with the Housing Preservation and Development’s Supportive Housing Loan Program (SHLP) and Mandatory Inclusionary Housing (MIH). Sixty percent of the units (88 units) will be set aside as supportive, and the remaining 58 units will be available for low-income individuals and families earning up to 60% AMI. Additionally, 14 of those 58 units will be designated Mandatory Inclusionary Housing (MIH).

The shelter component will serve as a 100-bed facility dedicated to single adult women. Occupants will have access to a range of person-centered therapy services that stabilize individuals and move each woman into her highest level of independent housing. The clinically-based model will provide services specifically targeted toward the needs of this population, with an overarching focus on recovery and community reintegration goals.

Resident amenities at the building will include full-time security and maintenance staff, on-site staff offices, social service programming space, a community room, outdoor recreational space, bike storage, and a laundry room.

Bowery Residents’ Committee (BRC) and Camber Property Group have secured $97 million in financing for Beach Channel Drive, an affordable housing development in Queens, Commercial Observer can first report.

The $97 million package includes a $33 million construction loan provided by Citigroup and a $40 million residential loan provided by The Department of Housing Preservation and Development.

LIHC Investment Group, Camber Property Group and Settlement Housing Fund have completed an $85 million acquisition of Lexington Court in East Harlem. The nine-building complex comprises 229 affordable apartments primarily along East 118th and East 119th Streets surrounding Park, Lexington, and Third Avenues.

Most of the buildings were constructed in the 1920s and consist of one- to three-bedroom units and a small collection of studios. As part of the acquisition, LIHC and Camber will undertake $10 million in infrastructure and building system upgrades across the portfolio. This includes substantial plumbing and electric upgrades, a new security and intercom system, masonry and façade repairs, as well as common area improvements.

The new owners have also committed to an extension of the portfolio’s Section 8 Housing Assistance Payment contract, which combined with city-backed regulatory agreements will maintain the properties as restricted-income housing for at least the next 40 years. As a result of the regulatory agreements entered into by the new owners, current and future residents will contribute no more than 30 percent of their monthly adjusted income toward rent.

One of the Bronx’s oldest and largest housing projects is getting set for a major makeover in 2023.

The New York City Housing Authority (NYCHA) is planning $445 million worth of renovations for the apartments at Edenwald Houses in the northeast section of the borough, through a program that uses public-private partnerships to convert more than 9,500 public housing units, including the neighboring Baychester Houses.

In 2018, Baychester Houses were turned from public housing into Section 8, a federal housing subsidy program, and included a $40 million renovation of the property, according to the housing authority.

Camber Property Group has completed a $105 million acquisition of three Project Based Section 8 affordable housing complexes formerly owned by Omni New York. The three properties include Grace Towers, a 168-unit building in East New York, Brooklyn; Target V Apartments in the Morris Heights section of The Bronx; and Madson Apartments in East Harlem.

Together the properties are referred to as the Triboro Portfolio and comprise 306 affordable housing units. The portfolio benefits from a Project Based Section 8 contract, which assures residents pay no more than 30 percent of their household income toward rent, with New York City’s Housing and Urban Development covering the balance.

“Finding a buyer that could navigate local regulatory requirements and assure a year-end closing was of utmost importance to the seller,” said SVN affordable managing director Gene Levental, who co-brokered the deal with SVN senior advisor Jamie Renzenbrink. “After a short, invitation-only marketing campaign, Camber was selected from a small pool of other bidders, based on their experience and track record on previous transactions.”

Property Resources Corporation and Camber Property Group recently hosted a ribbon cutting ceremony for Tiffany Street Apartments in the Foxhurst section of the South Bronx. The affordable housing property is located at 975 Tiffany Street and comprises 161 apartments for low-income families.

The units will be reserved for residents earning 27 percent to 80 percent of the area median income (AMI). A total of 34 apartments will be saved for formerly homeless individuals and families.

Available amenity spaces include a fitness center, a community gathering space, outdoor recreational space, bike storage, and a laundry room.

“Providing safe, secure housing to New Yorkers of all incomes has never been more essential, especially as we look to rebuild in light of an ongoing pandemic,” said Benjamin Linde, principal at Property Resources Corporation. “We are so pleased that 161 families will now be able to call Tiffany Street Apartments home, and we are grateful to our colleagues and the community who worked tirelessly to make that possible. PRC is proud of the work we do to ensure that the Bronx, and New York City, remains affordable to all.”

About a month after Robert A.M. Stern’s affordable rental building opened in Brooklyn, the renowned architect’s firm has been tapped to design another residential development designated for low-income New Yorkers. The city’s Department of Housing Preservation and Development last week announced a project to bring 40 homeownership opportunities to a new 8-story building in the Bronx, which will be designed by Robert A.M. Stern Architects (RAMSA) and developed in collaboration with Habitat for Humanity, Camber Property Group, Almat Urban, and Interboro Community Land Trust. The building, located near Claremont Park, will have apartments that are affordable to families of three earning up to $93,000 annually.

Located at 1640-1642 Anthony Avenue, the 100 percent affordable development falls under the city’s Jerome Avenue Rezoning, which was approved by the City Council in 2018. The rezoning, which covers two miles of Jerome Avenue between 167th Street and 184th Street and, aims to preserve and create thousands of permanently affordable homes in the area, in addition to improving parks and pedestrian space.

The affordable housing lottery has launched for 1973 Daly Avenue, an 11-story mixed-use building in West Farms, The Bronx. Designed by Aufgang Architects and developed by Camber Property Group, the structure yields 123 residences. Available on NYC Housing Connect are 47 units for residents at 60 percent of the area median income (AMI), ranging in eligible income from $42,995 to $77,340.

Amenities include outdoor areas, a shared laundry room, gym, recreation room, lounge, bike storage lockers, security guard, and a community center. Units come with name-brand appliances and finishes, air conditioning, and hardwood floors.

Sandra Gross remembers moving in the 1990s into Baychester Houses in the Bronx. She gasped at her new sunny apartment and the flowers outside. “I wanted to kiss the ground, it was so beautiful,” she told me.

But like so many other public housing projects in the city, Baychester deteriorated. Gross tried rallying her neighbors, lobbying officials for help. Conditions only got worse.

Then, a few years ago, the rumors started.

“We heard seniors would be forced out, rents would go up,” Gross said. “I was not going to let that happen.”

The latest acquisition by Camber Property Group brings affordability protections to 60 apartments in Harlem, Manhattan. The Johanna Apartments, acquired for $30 million, consists of a 100 percent Project Based Section 8 property across four buildings on West 144th Street, just a block from the 145th Street subway station.

Camber partnered with Harlem Congregations for Community Improvement to extend affordability protections to the Johanna Apartments for the maximum 40-year term through a new U.S. Department of Housing and Urban Development contract and an agreement with the City of New York. The housing complex had no previously established regulatory agreements with the City of New York. The partnership is also responsible for the Dr. Joan O. Dawson Plaza, a 138-unit fully affordable housing development at 11 West Harlem.

“Building new units is not the only way we can preserve affordable housing in New York City. We must also address existing units, and strengthen their affordability requirements whenever we can,” said Rick Gropper, principal and co-founder of Camber Property Group. “Our partnership with Harlem Congregations for Community Improvement has extended affordability protection to a property that did not have it previously, expanding our city’s stock of affordable homes without digging a single hole or laying a single brick.”

This week, developers and city officials celebrated the official opening of Camber Property Group‘s new affordable senior housing development in Harlem. The Dr. Joan O. Dawson Plaza, formerly known as Victory Plaza, is a 100-percent affordable complex with 136 units developed by Harlem Congregations for Community Improvement (HCCI) in partnership with Camber. The building was renamed in honor of Dr. Joan O. Dawson, the longtime chair of the Board of Directors at HCCI. Although residents began moving into the development in February, the official ribbon cutting was delayed until now.

The Department of City Planning is now reviewing Environmental Impact Statements for a six-building expansion of Stevenson Commons in the Soundview section of The Bronx. Owned by Camber Property Group, the development site is located at White Plains Road and 1850 Lafayette Avenue and currently comprises nine Mitchell-Lama buildings spanning 990,050 square feet.

The residential component currently includes 948 affordable rental units spanning approximately 914,634 square feet of residential area, 10,648 square feet of local retail, a 36,214-square-foot health center, and 570 surface-level parking spaces. The complex also contains private green spaces totaling approximately 3.1 acres that are used exclusively by current residents.

To fill empty buildings, developers have been offering generous concessions, including up to five months of free rent…

Prepandemic, landlords often treated Megan McDonald like they were doing her a favor by renting her an apartment. But this spring, as Ms. McDonald, 29, began looking for her first place since Covid, new developments were essentially begging her to move in by offering some free rent.

In the end, Ms. McDonald, who works for an investment bank, leased a one-bedroom at 275 South Fifth Street in Williamsburg, a project known as the Dime, after being offered five complimentary months on a 25-month lease.

Despite the ongoing toll of the Covid-19 pandemic, the city’s public housing agency has not decelerated its plans to convert developments to private management. The New York City Housing Authority recently announced the completion of a pair of major renovation projects at Baychester, Betances and Murphy houses in the Bronx, bringing the complexes under private management.

Victory Plaza has officially opened in Central Harlem. The nine-story, 136-unit development with 100 percent affordable housing for seniors is located at 11 West 118th Street. Developed by Camber Property Group in partnership with Harlem Congregations for Community Improvement (HCCI), the New York City Department of Housing Preservation & Development, and the New York City Housing Development Corporation, the building is designed by Aufgang Architects.

“A truly equitable city requires us to build dignified, permanent homes for all New Yorkers, including our most vulnerable,” said Rick Gropper, principal and co-founder of Camber Property Group.

Last week Camber Property Group and Westhab announced the topping out of 913 East Tremont Avenue, a 100-percent affordable rental development in The Bronx’s West Farms neighborhood. Components of the 11-story, 98,846-square-foot development include 119 housing units and 6,500 square feet of commercial space. The building is designed by Aufgang Architects and is being constructed by SD Builders.