Camber Property Group Buys Brooklyn Multifamily Property for $72M

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.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.