Spencer Equity paid $50m for a Section 8 residential building in Brooklyn’s Coney Island neighborhood. The 20-story, 229,865 sq ft rental property features 250 apartments as well as five retail units. Changing hands for $200,000 per unit, the asset comes with a 20-year contract with the Department of Housing and Urban Development that expires in 2034. The acquisition had to be approved by HUD and the New York City Department of Housing Preservation and Development. Ther seller, Orbach Group, bought the building for $34m in 2014. Rosewood Realty Group represented both the buyer and the seller during the transaction.
