Jonathan Rose Cos. Pays $53M for Manhattan Affordable Community
The new ownership already plans renovations at the property.
Jonathan Rose Cos. has purchased Caroline Apartments, a 126-unit affordable community in Manhattan’s Inwood submarket. Related Cos. sold the property for $53 million in a deal brokered by Newmark.
The transaction marks the buyer’s eighth acquisition for the Rose Affordable Housing Preservation Fund VI.
The community has been under Related Cos.’ ownership since 2008, when the company bought it for $19 million, or $150,793 per unit, from Pan Am Equities, according to Yardi Matrix information.
Caroline Apartments consists of a 14-story building enclosing one- to three-bedroom units ranging from 670 to 1,212 square feet. Out of the total number of residences, 125 are subsidized through Section 8 of the Housing Assistance Payment contract. The new ownership plans to renew the HAP contract for an additional 20 years and extend the property’s tax abatement for 60 years through the 420-c program.
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The property is near Inwood Hill and Fort Tryon parks, as well as the subway station on 207th St., which connects the neighborhood to Midtown Manhattan, 10 miles south.
Rehabilitating Caroline Apartments
Completed in 1980 at 210 Sherman Ave., the community underwent complete renovations in 2008. Jonathan Rose Cos. already plans a $19.7 million rehabilitation improvement program at the property. The project will target the building’s systems and unit interiors, enhance the community center, as well as focus on energy-efficient upgrades to achieve the Enterprise Green Communities certification.
To complete the planned improvements, the company will leverage incentives through the New York State Homes and Community Renewal Weatherization Assistance Program and the New York State Energy Research and Development Authority Affordable Multifamily Energy Efficiency Program. The rehabilitation program’s partners include HUD, HPD, NYSHCR and the New York State Housing Finance Agency.
Recent affordable housing trends highlight the importance of preservation within the sector, as older units lose affordability protections, face demolition and rent increases. As new construction proves to be insufficient to meet demand, improving existing stock is a cost-effective solution.
Over the course of 2025, affordable multifamily properties outperformed market-rate assets, according to a recent Yardi Matrix report, marking the second consecutive year of stronger performance. HUD-approved rent increases constituted the main driver for this performance, averaging more than 6 percent. While not all operators raised rents, the weak market-rate rent growth widened the gap.
