A New York real estate company specializing in Section 8 housing has purchased the Broadway Glen apartments on upper Broadway for $9.5 million and plans to update the building.
Sam Horowitz of Capital Realty Group in Spring Valley, NY – located just beyond the Tappan Zee Bridge in suburban New York City – said they recently purchased the property and plan to keep it affordable.
“We’re leaving it as is and we’re going to be doing some upgrades and rehabilitation on certain parts of the building. It will remain affordable housing though.”
The company purchased the building from New Broadway Glen Apartments LP – a Dedham company run by Alexander McNeil II of South Boston.
Horowitz said his company specializes in Section 8 properties and has around 5,000 units in 13 states within its portfolio.
Horowitz said they were attracted more to the property than to Chelsea itself, but they are familiar with the transformation in the City and believe it is on the right track.
“We own and operate affordable housing properties with Section 8 contracts and that’s what pulled us there,” he said. “We weren’t necessarily pulled to Chelsea in particular, but the area is very attractive and City Manager Jay Ash is doing great things for Chelsea. We’re very excited to be there.”