---
title: 50-Unit Multifamily Property
description: Fulton Realty Capital advised a high-net-worth client on the acquisition of a 50-unit multifamily building in Upper Manhattan, New York.
image: https://www.fultonrc.com/hubfs/NYMF-Nov2020.png
---

# Recent Transactions

## 50-Unit Multifamily Property

 November 30, 2020 •[Fulton Staff](https://www.fultonrc.com/transactions/author/fulton-staff)

**

[Multifamily](https://www.fultonrc.com/transactions/tag/multifamily)• [Section 8](https://www.fultonrc.com/transactions/tag/section-8)• [New York](https://www.fultonrc.com/transactions/tag/new-york)

![Apartment building and New York icons.](https://www.fultonrc.com/hs-fs/hubfs/NYMF-Nov2020.png?height=630&name=NYMF-Nov2020.png)

Fulton Realty Capital advised a high-net-worth client on the acquisition of a 50-unit apartment building in Upper Manhattan, New York. The off-market, 27,000 SF property was sourced by Fulton's multifamily team, who also led all negotiations and financing activities.

The property features one and two-bedroom units. It is in close proximity to multiple subway stations.

A HUD 223(f) loan was secured to facilitate the transaction, and the entire property participates in the Section 8 Project Based Voucher (PBV) program. As a result, the property presents an attractive, de-risked cash flow with Federal support for rents. In addition, a long-term tax abatement is in place through 2058.

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