DeMatteis exits 1,527-unit Linden Plaza in East New York

The DeMatteis Organization is out of Linden Plaza, the 1,527-unit Mitchell-Lama complex it sponsored in East New York. ACRIS document 2025011001071009, recorded January 24, 2025, conveys six lots on Brooklyn Block 4271 at 675-765 Lincoln Avenue and 750-792 Eldert Lane for $87,737,977.66. The grantor is Linden Plaza Housing Co., Inc. of Elmont. The grantees are LP Preservation LLC, care of Camber Property Group, and LP Preservation Housing Company, Inc., care of Settlement Housing Fund Inc.

Why it matters

That second grantee is the finding. Camber’s project page lists the firm as co-developer and names no partner, and no HPD or HDC notice puts the two together. The deed is the only public record establishing the nonprofit as a party.

The original Mitchell-Lama sponsor is out of one of Brooklyn’s largest affordable complexes, and a private developer and a nonprofit are in behind roughly $605 million of city housing-agency debt. For an operator, the year-15 resyndication is the transaction that keeps this inventory affordable and moves it to a new owner. It is the acquisition pipeline for an affordable-preservation business.

The numbers

The deed works out to $57,458 a unit across 1,527 apartments. Seven mortgages recorded January 29, 2025, all to the New York City Housing Development Corporation: $360,736,118, $87,691,401, $46,570,000, $40,984,710, $30,125,012, $20,033,599 and $18,848,988, summing to $604,989,828. The largest alone is $236,239 a unit.

We pulled the doc types. All seven carry ACRIS type MTGE. None is M&CON, the code ACRIS uses for a consolidation. Five days earlier, three SAT filings discharged prior Freddie Mac and HDC mortgages against borrower Linden Plaza Preservation L.P., clearing the 2019-20 recap’s debt before the new stack recorded.

HPD’s tenant notice, published August 30, 2024, counts five elevator towers and 32 townhouses, all for families at 80% of AMI or less.

What’s next

HPD’s project file carries 73332, LINDEN PLAZA.YR15.FY25, a Preservation project started December 30, 2024, and 68432, LINDEN PLAZA PRESERVATION LP.YR15.FY20, started December 27, 2019. Linden Plaza has been resyndicated at year 15 twice, so the recap is not a one-time event but a recurring fifteen-year cycle, with the prior stack fully satisfied before the next one records.

The split between new money and refinanced debt is not public: ACRIS cross-references live only inside the scanned images, so the total cannot be read as $605 million of new lending. One carryover is clear, a January 13, 2020 MTGE of $9,791,548 matched to the dollar by a January 29, 2025 AGMT running from the seller’s entities to the buyers’. A separate AGMT of $604,989,828 also sits against the same six lots, matching the seven mortgages to the dollar. Nothing in the open data establishes what it is, but an agreement recorded at the exact sum of the mortgages beside it is the shape a spreader or consolidation takes, which is a second reason not to read the $605 million as new lending. Rick Gropper, a Camber founding principal, is the owner contact on the DOB filing for LP Preservation LLC.

See our coverage of the Bushwick loft building that sold 24% below its 2016 price and the New York market.