Slate Property Group has acquired the Queenswood Apartments complex in Corona, Queens. The 296-unit affordable housing complex was facing the expiration of its affordable housing program, but under Slate’s ownership, the affordability will be extended for 40 years. The price was not disclosed.
The NYC Housing Development Corporation and the NYC Department of Housing Preservation and Development were involved in the effort to deepen the affordability of the apartments. The agreement allows current residents to remain in place at their existing legal rents, and qualifying tenant incomes and rents for new rentals will be lowered.
Slate plans to invest in major upgrades to the buildings, including roofing, insulation, solar panels, and kitchen and bathroom improvements.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.