Fairstead Affordable Acquires 403 Multifamily Units in Brooklyn

NEW YORK CITY — Fairstead Affordable, an affiliate of Fairstead Capital, has purchased four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with New York Housing Partnership. The portfolio comprises 42 buildings with a total of 403 units. As part of the transaction, Fairstead entered into new regulatory agreements with New York City Department of Housing Preservation and Development to ensure all 403 units will remain affordable for the next 30 years. Fairstead plans to implement a capital improvement program to modernize and enhance all of the properties, including common area improvements, in-unit repairs, energy system upgrades and other capital renovations. The price and name of the seller were not released.