Jonathan Rose Cos. has acquired an affordable housing community with Section 8 and Mitchell-Lama units in Manhattan’s Upper West Side for an undisclosed price.
The 28-story Tower West Apartments is located at 65 W. 96th St. near the MTA’s 1, 2 and 3 subway lines and offers 217 units in one-, two- and three-bedroom floorplans with some apartments featuring private balconies. Built in 1971, Tower West amenities include a ground floor terrace deck, community room, playground, laundry room and 80-space parking garage. The property also includes a retail portion that was not part of the sale of the residential building, according to Jonathan Rose Cos.
“The Section 8 and Mitchell-Lama programs align with the company’s focus and commitment to the long-term preservation of affordable housing in New York City and nationally,” Chloe Unger, senior acquisitions associate at Jonathan Rose Cos., told Multi-Housing News. “Tower West Apartments was an incredible opportunity to preserve existing affordable housing in a high income and high opportunity, transit-oriented neighborhood of Manhattan.”
Nathan Taft, partner & managing director of acquisitions at Jonathan Rose Cos., said in prepared remarks that the company consulted with residents for a renovation program that will include improving the lobby and the energy efficiency of the building while expanding the common area amenities. Unger told MHN that the improvements will begin as soon as safely possible considering the COVID-19 pandemic.
Rose Community Management, the property managing division of Rose Cos., will be managing the property.
ADDING TO NYC’S AFFORDABLE HOUSING
Jonathan Rose Cos., who has developed a track record of working on affordable housing, is also working on several other similar projects in New York City. In July, a fully-affordable project being developed by Jonathan Rose Cos., L+M Development Partners and Acacia Network in East Harlem received $223 million in construction financing. Also in East Harlem, Jonathan Rose Cos. and Lettire Construction Corp.’s The Tapestry, a 185-unit partially affordable community, received a $41 million refinancing that was arranged by Merchants Capital.
Outside Manhattan, the company has completed a 123-unit mixed-income community in Brooklyn’s Fort Greene neighborhood called The Caesura and is also working on Gowanus Green, a 950-unit sustainable mixed-income community in Brooklyn’s Gowanus neighborhood.