New York City’s $86 billion pension fund for civil employees is investing in a nonprofit-led partnership that took on property loans tied to rent-controlled and rent-stabilized apartment buildings from the failed Signature Bank.
New York City Employees’ Retirement System, or NYCERS, will invest as much as $60 million in a partnership, led by the Community Preservation Corp., that will preserve nearly 35,000 rent-stabilized units affected by the Signature Bank’s sudden collapse last March, city Comptroller Brad Lander said Tuesday. The fund will own a 25% stake in the partnership, which also includes Related Fund Management and ...
