NEW YORK CITY — Jonathan Rose Cos. has acquired The Caroline Apartments, a 126-unit Section 8 community in New York, for $53 million. This sale marks the eighth transaction under the $660 million Rose Affordable Housing Preservation Fund VI earmarked for preserving existing affordable and mixed-income housing. Locally based Jonathan Rose is planning a $19.7 million renovation that will upgrade The Caroline’s building systems and unit interiors, targeting Enterprise Green Communities certification, an energy-efficiency program specifically for affordable housing properties.
The Caroline was built in 1980 and renovated in 2008. Nearly all units are subsidized through a Section 8 Housing Assistance Payment (HAP) contract. Jonathan Rose renewed the HAP contract for an additional 20 years and extended the building’s tax abatement for 60 years through a City-run tax-exemption program.
In addition to physical upgrades, Jonathan Rose will be adding a full-time resident services coordinator and will be providing free broadband access to residents through the Liberty Link program administered by the New York City Department of Housing Preservation and Development. Resident services will be delivered in partnership with nonprofit service organization Connected Communities.