MHANY to Reinvigorate Newly Acquired Rent-Stabilized Properties
April 15, 2021
Cleary Gottlieb represented MHANY Management Inc. (MHANY) in its acquisition of five rent-stabilized properties in Brooklyn owned by the Park Monroe Housing Development Fund Corporation (Park Monroe).
Park Monroe is currently in jointly administered Chapter 11 bankruptcy proceedings before Judge Alan Trust in the U.S. District Court for the Eastern District of New York Bankruptcy Court. The court-supervised sale closed on April 15, 2021, and MHANY has begun work immediately to address the poor conditions of the properties in order to improve the quality of life for current residents. MHANY has future plans to fully renovate and modernize all five of the buildings.
MHANY is a 501(c)(3) non-profit organization committed to increasing affordable housing opportunities for low- and moderate-income residents of New York City. For over 30 years MHANY has offered housing acquisition, development, and management services as well as comprehensive housing counseling. MHANY has helped build equity, housing, and economic stability for thousands of families.
MHANY has built its reputation pursuing and succeeding with management and development in some of the most challenging circumstances in New York City. MHANY manages a portfolio with properties ranging from two units to as large as 150 units in a single property scattered across four of the five boroughs. The Park Monroe acquisition expands MHANY’s footprint, and will enhance its ability to provide more New Yorkers with quality affordable housing.