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 middle-income 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.