New York-based Camber Property Group is celebrating its tenth anniversary this year. Rick Gropper, Principal and co-founder of the company, describes it as the firm's busiest year yet. Founded in 2016 by Gropper and Andrew Moelis, Camber Property Group specialises in the development and management of affordable, mixed-use, and transitional multi-family housing, with a focus on its creation and preservation.
This summer, Camber's name was at the forefront of two significant housing announcements. One was the groundbreaking for the $167 million Chelsea Beacon redevelopment, where 131 affordable housing units, supportive housing, and community spaces will replace the former Bayview Correctional Facility at 550 West 20th Street. Additionally, Camber was selected as one of the developers for the $62 million revitalisation of NYCHA's Unity Towers in Coney Island.
The company is also expanding its national portfolio, bringing its expertise in redeveloping distressed assets and constructing new housing units to Pennsylvania, Connecticut, New Jersey, and Ohio. Commercial Observer met with Gropper in July to discuss the two high-profile projects, Camber's development, and upcoming challenges.
Rick Gropper reported that he has been in the affordable housing industry for about 20 years. He began as an intern at L&M Development Partners shortly after graduating with a degree in real estate development from Columbia University. The market was very challenging in 2008. After a year-long internship, he was hired there and worked his way up from assistant project manager to project manager, learning all aspects of the development process. He stated he is very operations-oriented, likes to solve problems, and tries to find creative ways to complete challenging but necessary projects.
At L&M, he learned to put all the pieces together – from acquiring land or buildings, to financing, construction, and design of a building, and navigating the complicated web of government approvals required for completion. Gropper expressed that he fell in love with the industry and essentially grew up in the affordable housing sector in New York City. He described the environment as collegiate and supportive. He founded Camber in 2016 after about ten years at L&M Development Partners, which he considered a major milestone.
Gropper confirmed that this is Camber's busiest year to date. He explained that many factors had come together, both for the company and within the city. There is a strong focus on preserving and creating affordable housing. The current city administration has appointed many experienced housing leaders who have released the 'Block-by-Block' housing plan. This plan sets ambitious targets, namely the creation of 200,000 new housing units and the preservation of another 200,000 existing units.
For Camber, building the company structure, infrastructure, and team over the past ten years has been crucial. The company now has a portfolio of 13,000 units and is vertically integrated to control all parts of the development process, from land or building acquisition to financing, construction, and property management. This control is important to minimise uncertainties, as real estate deals are inherently risky. Gropper elaborated that the company's projects speak for themselves and are a reason why Camber is chosen for some of the most complex and challenging projects.
The Chelsea Beacon project represents a comprehensive undertaking, according to Gropper. It involves the restoration of an existing, historic building. Originally built as a YMCA in the early 1900s, it was converted into a women's correctional facility around 1970. This facility was abandoned after Hurricane Sandy in 2012 and has been vacant ever since. ESD (Empire State Development) put out a bid for the development to convert the building into affordable housing. Camber Property Group and the Osborne Association, which focuses on affordable housing and the reintegration of individuals from the correctional system, were awarded the contract. The architectural firm CookFox is also involved. The plan is to add about ten additional floors to the building to create further housing.
