Apollo Real Estate devours more Big Apple housing

Pretty soon the words "affordable housing" will vanish from the New York City real estate vocabulary. That's because companies such as Apollo Real Estate Advisors have been acquiring affordable housing rentals in New York City with the intent of sprucing them up and working within the laws to push rents as quickly as possible so they can generate more from their investments or prepare the property for another sale. The New York-based real estate fund manager added another affordable development, the 1,590-unit complex known as Knickerbocker Village in Manhattan's downtown area near the South Street Seaport, for about $200 million, according to TheRealDeal.