Jewish Federation Apartments sold to New York City firmAug 15, 2019
The Jewish Federation Apartments have a new owner that is planning an extensive makeover for the Amherst affordable housing complex.
Capital Realty Group, headquartered in a suburb of New York City, bought the apartments on Essjay Road for $14.4 million. The deal has been approved by the U.S. Department of Housing and Urban Development and the New York State Attorney General.
The money will be paid to Jewish Federation Apartments, a subsidiary of Buffalo Jewish Federation. Once the sale goes through, the Jewish Federation Apartments will ask the state to dissolve its 501(c)3, and put the proceeds from the sale into an endowment for the Buffalo Jewish Federation.
The current board will transition to an advisory board.
Capital Realty Group plans to renovate the 150-unit Amherst apartment complex with new cabinets, appliances, flooring and stone countertops in the kitchens; new fixtures and flooring in the bathrooms; and new flooring, lighting, and decor in the hallways and common areas.
Residents won’t be displaced during the remodeling, Capital said.
The building’s management team and name will remain the same, and the Buffalo Jewish Federation will still work with the building’s owners and managers, the federation said. The Buffalo Jewish Federation will continue to provide programs, and it’s beneficiary agency Jewish Family Service will take over community care and social work services. Common areas will still be available for meetings and programs. The kitchen has been leased to kosher caterer Luscious by Lori.
The building will remain affordable housing under the new ownership and rents will not change, Capital said. Capital has signed a 20-year Housing Assistance Payments contract with HUD.
The federally subsidized housing project is open to residents older than 62 or older than 18 with mobility impairments. Capital Realty Group owns and operates nearly 14,000 affordable apartments in 24 states.
Source: The Buffalo News