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Standard Property unit pays $110M for NYC housing complex

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Standard Property unit pays $110M for NYC housing complex

Standard Property Co. unit Standard Communities acquired the Polyclinic Apartments affordable housing complex in New York City's Hell's Kitchen from Starrett Corp. for $110.3 million, The Real Deal reported, citing property records.

Barring one apartment, all other apartments of the 151-unit complex at 341 W. 50th St. will remain under a project-based federal Section 8 contract, according to the report.

Citing co-founder Scott Alter, the report added that Standard got a so-called Article XI tax abatement, reserved for construction or rehabilitation of affordable housing.