Metropolitan Realty Group Acquires Hudson View II & III in Hamilton Heights With Greystone Financing

Metropolitan Realty Group (MRG) has acquired Hudson View II & III, a four-building affordable housing portfolio in the Hamilton Heights neighborhood of Upper Manhattan, for $45 million. The acquisition was financed by Greystone, and Ariel Property Advisors served as the selling broker, MRG announced. The deal closed June 30, 2026.

The purchase price equates to approximately $315 per square foot, or about $348,837 per apartment when calculated across the portfolio's 129 residential units. That per-unit figure also reflects the value of the portfolio's 11 retail spaces.

Hudson View II & III Portfolio Details

Hudson View II & III comprises four buildings at 520, 528 and 502–504 West 145th Street and 1704 Amsterdam Avenue. Together, the buildings span roughly 143,000 square feet and include 129 apartments and 11 ground-floor retail spaces along more than 200 feet of Amsterdam Avenue frontage.

Every apartment is covered by a Project-Based Section 8 Housing Assistance Payment (HAP) contract, which keeps the homes affordable for current residents, according to the firm. Project-Based Section 8 contracts tie rental assistance to specific apartments, providing regulated income but limiting exposure to market-rate rent growth.

MRG Renovation Program

MRG said it has already begun a comprehensive renovation program, investing approximately $9.7 million to upgrade the property. The work centers on new kitchens and bathrooms in every apartment, with six homes being completed each week. At that pace, completing all 129 apartments would take roughly 21.5 weeks if the rate holds constant.

The firm said it plans to keep residents updated as the renovations progress.

Hamilton Heights Location and Market Context

Hudson View II & III sits between two major subway stations served by the 1, A, B, C and D lines. The buildings are steps from City College of New York and Riverbank State Park, and upper floors look out over the Hudson River. The Amsterdam Avenue storefronts provide shopping and services at street level.

MRG described Hamilton Heights as one of Harlem's most historic and fast-growing neighborhoods, with more than 500,000 square feet of new development nearby and continued strong demand for affordable housing. The acquisition builds on MRG's presence in Harlem, alongside its West 135th Street Apartments.

Ariel Property Advisors' multifamily reporting identifies Hudson View II & III as one of the notable affordable housing trades in its period review. The transaction provides a benchmark for other regulated-housing sales in Upper Manhattan: $45 million, $315 per square foot, four buildings and 129 subsidized apartments.

Capital is also moving into affordable housing and preservation elsewhere in Harlem. Recent activity includes $529 million in PACT financing for Rangel Houses, covering eight NYCHA buildings and more than 1,800 residents, and the redevelopment of the former Lincoln Correctional Facility into 105 affordable cooperative homes, a project with approximately $97.8 million in financing.

Outlook for MRG's Harlem Strategy

The combination of a fully subsidized residential rent roll, retail frontage and a defined $9.7 million capital program points to a strategy centered on acquiring regulated assets, preserving affordability and upgrading physical conditions. MRG said the acquisition reflects its commitment to preserving affordable homes in communities that need them most.

Sources

• Metropolitan Realty Group: MRG Expands Its Harlem Portfolio with Hudson View II & III