Camber Property Group takes over East New York complex

January 9, 2025 Brooklyn Eagle Staff

Camber Property Group staff, with local leaders, at a groundbreaking earlier this year. Photo courtesy of Camber Property Group

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EAST NEW YORK — CAMBER PROPERTY GROUP LAST MONTH CLOSED A MASSIVE deal to take over Linden Plaza in East New York for almost $1 billion, according to the Commercial Observer. The Linden Plaza complex consists of 11 buildings and includes 1,527 units. The property is reportedly in a state of disrepair, according to residents. Total development costs for the project are approximately $845 million, funded by loans from the city Housing Development Corporation and the city Department of Housing Preservation and Development, along with other backers.

$400 million worth of improvements will come to Linden Plaza, including new kitchens and bathrooms, upgrades to common areas and HVAC systems, and social services for residents. As apartments are renovated, tenants will receive assistance from Housing Opportunities Unlimited to find temporary accommodations.

“This was a historic transaction and one of the largest multifamily transactions. This transaction allows all of the stakeholders in a public-private partnership to make real improvements to benefit the residents’ quality of life,” Rick Gropper, founding principal at Camber, told Commercial Observer.

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