Rick Gropper

What have some of Camber’s most significant purchases been so far in 2025? 

Camber’s 2025 has been equal parts growth in New York City and expansion across the country. The firm has been active in several target markets outside of New York, including New Jersey, Pennsylvania, Connecticut and Ohio. We recently completed the acquisition and started the rehab of a 200-unit affordable asset in Cleveland that is a historic building and former hotel.

Camber’s work in New York City this year has had a heavy Brooklyn focus, including the acquisition of land in Borough Park; the purchase of a 200-unit, vacant, 421a building in Cypress Hills that was converted to permanent affordable housing; and the $1 billion redevelopment of Linden Plaza in East New York.

How is Linden Plaza progressing? 

Linden is both the most challenging project we’ve taken on and the most rewarding. It’s an amazing place with huge potential, and we are putting in real work to improve the lives of the people who live there. 

The project is further complicated by the fact that it sits on a platform atop the Metropolitan Transportation Authority’s Pitkin Yard and our steam heating distribution is attached to the underside of the platform. We’re actually converting from steam to a new hydronic hot water system that will be run from new prefabricated boiler “pods” on-site. This is one of the largest affordable housing closings in the history of the city, and we are aware that everyone is watching.

Is there a specific asset class Camber gravitates toward? 

Camber is laser-focused on the multifamily sector and, specifically, building and preserving a broad spectrum of affordable housing from transitional to mixed-income. We really excel at the intersection of complicated layered finance and government regulation.

Our team has spent a lot of time and resources on vertical integration to further the mission of the firm. Having in-house property management and construction allows Camber to control the entire development process from start to finish. 

How has City of Yes and other recent housing legislation impacted the way Camber approaches projects in New York City? 

City of Yes has created new opportunities in every neighborhood to build much-needed housing, while reducing burdens such as parking requirements. To really unlock the potential here, the next administration needs to focus on cutting red tape and bureaucracy. The expense attributable to unnecessary red tape and associated delays across the industry is in the billions. Imagine what you could do with that.

How is Camber managing the rising costs of construction, insurance and labor? 

Operating real estate in New York City is extraordinarily challenging and gets more difficult with every Local Law passed. Bringing property management in-house has made a huge difference in terms of managing both sides of the ledger. Insurance is the largest line item in the opex budget of any affordable asset. We’re exploring alternative means to bring down this cost, including self-insurance. 

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
I bet Sliwa’s Facebook feed is the most entertaining … thinking heavy cat rotation.

Your pick for Fed chair `26?
While I desperately want significant rate cuts, that singular focus isn’t necessarily going to help the economy long term. I favor someone who is nonpartisan, independent, and can handle the delicate balance of stimulating growth, managing inflation, and moderating interest rates.

Borrowing costs up or down by late 2026?
I’ve been saying down for the past three years. Third time’s a charm? 

More excited about — interest rate cut or Taylor Swift’s engagement?
I think they’re similar —  both discussed ad nauseum for two years and kind of a letdown when they actually happened.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
I have no idea what that means, and am worried what would come up if I Google it.

What’s your Kryptonite?
People who come to me with 99 problems and no solutions. I will help anyone with anything, but you need to make the effort.