Jonathan Rose Companies acquired Goodwill Terrace Apartments, a 202-unit property in Astoria, for approximately $35 million. The seller was Goodwill Industries of Greater New York and Northern New Jersey, Inc., which built the affordable complex in the 1970s.
Goodwill Terrace will remain an affordable rental complex under the state’s Mitchell-Lama program that was enacted in the 1950s. Jonathan Rose Companies plans to invest $18 million into the property, with about $10 million of that going to capital improvements.
The acquisition was funded with a $28.5-million loan from the New York City Housing Development Corporation. Rose Community Management, an affiliate of Jonathan Rose Companies, will take over management of the building.
The New York Post reported that a Transwestern team of Stephen Powers, Lindsay Ornstein, Jake Cinti, Dean Sigmon and Justin Shay arranged the sale. Goodwill will use the funds to further its charitable work in the region.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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