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TIMESLEDGER, APRIL 21, 2019 TIMESLEDGER.COM
Nonprofi t group buys rent-regulated Glendale buildings
BY ROBERT POZARYCKI
A trio of apartment
houses near the Glendale/
Ridgewood border with a
combined 72 rent-regulated
apartment units have been
sold to nonprofit groups
aiming to keep the buildings
affordable for all.
Ariel Property Advisors
announced on April 11
the closure of the $15.96
million deal for three fourstory
apartment houses at
71-15, 71-21 and 71-27 65th
St., off Myrtle Avenue —
which the firm referred
to as the “Glendale
Multifamily Portfolio.” All
three buildings are listed
as being rent-regulated in
the 2017 state Department
of Homes and Community
Renewal registry.
The portfolio’s buyers
were identified as a
group led by Rockabill
Development, which
boasts on its website of
specializing “in providing
consulting services and
being as a development
partner to the affordable
housing industry since
2007.” Rockabill notes that
it also “primarily serves
the nonprofit community.”
An examination of
Department of Finance
records further revealed
that Rockabill was joined
in the acquisition with
a group called Selfhelp
Glendale Housing
Development Fund Inc.,
with offices at 581 Eighth
Ave. in Manhattan.
That’s also the
headquarters of Selfhelp
Community Services, a
nonprofit organization
which operates a slew of
senior housing complexes
across the city — seven
of which are in Bayside
and Flushing.
Sandy Myers,
vice president for
external relations and
communications at Selfhelp
Community Services,
confirmed to QNS that
Selfhelp Glendale Housing
Development Fund is
indeed affiliated with the
nonprofit group. The plan
is to preserve the three
buildings’ affordability
while also providing
expanded services to
residents who may
need them.
“This development
is a preservation deal
through the Department
of Housing Preservation
and Development’s
Neighborhood Pillars
program to preserve
affordable housing,” Myers
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said. “No one is being
moved out.”
According to sources
familiar with the
transaction, Rockabill
handled the acquisition
and will assist Selfhelp in
procuring funding for the
housing program. Selfhelp,
in turn, will provide
various services to the
tenants. Myers explained
that would include
assistance regarding
various social and health
care services.
About 88 percent of the
three buildings’ units are
rent-stabilized, according
to a spokesperson for
City Councilman Robert
Holden, and the majority
of all units are occupied
by seniors. Rockabill
representatives met with
Holden back in March to
discuss their plans for
the buildings, which will
essentially guarantee that
they remain affordable
to all tenants for the next
20 years.
“Rockabill is a long time
affordable housing player
and so when we purchased
the buildings we brought
them into a regulated
environment with the
City including the 9 free
market units,” said
Niall Murray, Rockabill
managing principal.
Murray added that some
improvements are planned
for the buildings, including
upgrades to the windows,
rooftops and brick façade.
Crews will also provide
other renovations to
increase energy efficiency
and water conservation.
“There will be no
rent increases either as
a result of the change of
ownership or because of
the renovations,” he said.
“We held a tenant meeting
at which approximately
40 people showed up to
introduce them to the new
management team and
they are aware of the scope
of renovations.”
Holden sounded an
optimistic tone about
the deal in an April 11
statement to QNS.
“This development
is very promising for
Glendale as it will provide
our seniors with much
needed resources, home
improvements and rent
stability for many years
to come,” Holden said.
“Helping seniors to age
gracefully in their homes
not only makes their lives
more enjoyable, but also
puts their family members
at ease.”
Three apartment houses at 71-15, 71-21 and 71-27
65th St. in Glendale have been sold for $15.96 million.
Photo via Google Maps
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