Jonathan Rose, a descendent of the real estate dynasty behind the Rose Associates empire, has bought a Mitchell-Lama property on Halletts Point by Astoria Cove for around $35 million.
Rose’s firm, Jonathan Rose Cos., will maintain the Astoria property as an affordable rental project under the so-called Mitchell-Lama law passed in the 1950s to create affordable housing for NYC’s middle class.
“We have come up with a program to protect current tenants,” advised Nathan D. Taft, managing director of acquisitions, for Jonathan Rose Cos.
The purchase of the 202-unit Goodwill Terrace Apartments — by a fund operated by Rose’s company — is being accomplished through a $28.5 million mortgage from the New York City Housing Development Corp. The building has income restrictions and below-market rents along with a tax exemption.
Rose, whose family name adorns many NYC institutions including the New York Public Library, expects to invest $18 million in equity that includes $10 million in renovations. These are targeted toward upgrading the lobby and hallways, along with energy efficiency and modernization.