Owner of 510 Main Street Funded Partially by City / State Pension Funds

Today’s New York Observer reports on an analysis by the Urban Homesteading Association Board, which found that a city and state pension group, are investors in the City Investment Fund. The City Investment Fund along with Urban American purchased a series of old affordable housing complexes including 510 Main Street (per an earlier May 1st article). It was originally thought that the purchase of 510 Main Street and other Harlem properties was entirely private.

The article focuses on the concerns of individuals like Bill Thompson, the city comptroller, who is both an investment adviser and a trustee for the Employees Retirement System, whether the pension groups have invested in a real estate company that might drive rents up and force poor tenants out in formerly public housing units.

An interesting pair of articles to read. Moreso if you are a Roosevelt Island resident that lives at 510 Main Street.