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Jonathan Rose Cos. snags UWS affordable-housing tower for $94M
Starrett Corp. developed 217-unit building in the 1970s
Jonathan Rose Companies bought a large affordable-housing apartment building on the Upper West Side for $94 million.
The Midtown-based company paid $93.83 million to buy the 217-unit Tower West building at 65 West 96th Street from the Starrett Corporation, property records show.
The purchase price works out to a little more than $430,000 per unit.
Rose director of acquisitions Nathan Taft said the company plans to make a “substantial investment” to the building’s lobby and common areas and make energy efficient improvements.
The 29-story building operates under the Department of Housing and Urban Development’s partial Section 8 and New York state’s Mitchell-Lama programs.
Starrett developed the building in 1971 but soon found itself in conflict with tenants who twice in the following years instituted rent strikes, claiming the property was being mismanaged.
Starrett retains the retail portion of the building, property records show.
Contact Rich Bockmann at rb@therealdeal.com or 908-415-5229