Goodwill Sells
202-UNIT PROPERTY
BY JACOB KAYE
Jonathan Rose Companies ac-quired
Goodwill Terrace Apart-ments,
a 202-unit property in
Astoria, for about $35 million,
the company announced on Wednes-day,
Jan. 8.
Goodwill Terrace Apartments, located
at 4-21 27th Ave., was purchased from
Goodwill Industries of Greater New York
and Northern New Jersey, Inc., who built
the affordable complex in the 1970s.
The building will remain an affordable
complex under Jonathan Rose Compa-nies,
which will also invest around $18
million into the property.
About $10 million of the investment
will go toward capital improvements to
increase energy efficiency, modernize the
existing building and to create new resi-dent
amenity and a social services space.
Jonathan Rose Companies acquired
the building with a $28.5 million loan
24 JANUARY 2020 I LIC COURIER I www.qns.com
from New York City’s Housing Develop-ment
Corporation. Additionally, the New
York City Department of Housing Pres-ervation
and Development is working to
preserve the long-term affordability of
the building under the Mitchell-Lama
program, a program started in the 1950s
which provides affordable rental and co-op
housing to middle-income families.
As a non-profit, Goodwill NYNJ will
use the money from the sale to reinvest
into their mission.
“We will reinvest the proceeds from
this sale into the core mission of Good-will
NYNJ programs that serve 30,000
people with disabilities and other barriers
to employment to gain independence
through the power of work,” said Katy
Gaul-Stigge, the president and CEO of
Goodwill NYNJ.
Rose Community Management, an
affiliate of Jonathan Rose Compa-nies,
will take over management of
the building.
Courtesy of Goodwill NYNJ
Community News
Jonathan Rose Companies acquires Astoria-based
Goodwill Terrace Apartments
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