Jonathan Rose Companies Scoops $35M Affordable Queens Multifamily
The 1970-built Mitchell-Lama property will continue to stay affordable housing and receive improvements.
NEW YORK CITY – Jonathan Rose Companies, a national development and investment firm for affordable and mixed-income multi-family real estate, has acquired Goodwill Terrace Apartments, a 202-unit Mitchell-Lama property located at 4-21 27th Ave. in Astoria, Queens for approximately $35 million from Goodwill Industries of New York and New Jersey.
The 1970-built property will continue to stay affordable housing and receive improvements, according to Katy Gaul-Stigge, president and CEO of Goodwill NYNJ. “We will reinvest the proceeds from this sale into the core mission of Goodwill NYNJ programs that serve 30,000 people with disabilities and other barriers to employment to gain independence through the power of work,” she said.
The Rose Affordable Housing Preservation Fund IV, will invest approximately $18 million of equity in the property. “We are extremely pleased to partner with Goodwill and the City of New York, and work in close collaboration with the residents to revitalize this visible affordable housing property for another generation,” said Nathan Taft, partner and managing director of acquisitions at Jonathan Rose Companies, in a prepared statement.