WWW.QNS.COM RIDGEWOOD TIMES JANUARY 16, 2020 37
REAL ESTATE
Jonathan Rose Companies acquires Astoria building
BY JACOB KAYE
JKAYE@SCHNEPSMEDIA.COM
@QNS
Johnathan Rose Companies
acquired Goodwill Terrace Apartments,
a 202-unit property in Astoria,
for about $35 million, the company
announced on Wednesday, 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 Companies,
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 resident amenity and
a social services space.
Jonathan Rose Companies acquired
the building with a $28.5
million loan from New York City’s
Housing Development Corporation.
Additionally, the New York City
Department of Housing Preservation
and Development is working to
preserve the long-term affordability
of the building under the Mitchell-
Lama program, a program started
in the 1950s that provides affordable
rental and co-op housing to middleincome
families.
As a nonprofit, 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 Goodwill 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 Companies,
will take over management of the
building.
Photo courtesy of Goodwill NYNJ
Ridgewood Times Sales Guide
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