Brookfield Properties

Brookfield Properties sold the West Harlem rental complex at 3333 Broadway for $324m to Urban American, MSquared, and investors, including Bank of America Community Development. The 1,193-unit property, 50% of which is affordable under Section 8, sold for $271,000 per unit. Urban American, a previous partner, remains the property manager. Plans include retail activation, shared space modernization, and unit renovations upon vacancy. Citigroup provided $225m in Freddie Mac financing. Previously part of Brookfield’s Putnam Portfolio, the complex underwent $60m in upgrades, including elevators, windows, and cogeneration systems.