The Broadway Glen apartments on upper Broadway were recently purchased by a New York real estate company.
For $9.5 million, a New York-based real estate firm that focuses on Section 8 housing has acquired the Broadway Glen apartments located on upper Broadway. The company intends to undertake upgrades to the property.
Sam Horowitz, representing Capital Realty Group in Spring Valley, NY—situated just past the Tappan Zee Bridge in the New York City suburbs—indicated that his firm recently took ownership of the property with plans to maintain its affordability.
“fblikebutton_button” “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 previous owner was New Broadway Glen Apartments LP, a Dedham-based entity controlled by Alexander McNeil II of South Boston, from whom Capital Realty Group purchased the building.
According to Horowitz, his organization operates Section 8 properties and maintains approximately 5,000 units across 13 states.
While Horowitz noted that the property itself was the primary draw rather than Chelsea specifically, he acknowledged familiarity with the city’s ongoing development and expressed optimism about its direction.
“wp-caption alignright” “We own and operate affordable housing properties with Section 8 contracts and that’s what pulled us there,” he noted. “wp-caption-text” “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.”