Jonathan Rose buys 558-unit Bay Ridge affordable housing complex for $150M
The Shore Hill Housing complex and spans about 414K sf
Jonathan Rose Companies has purchased a 558-unit Section 8 housing complex in Bay Ridge for about $150 million, the firm announced on Thursday.
It purchased the property from NYU Langone in partnership with the affordable housing nonprofit NHP Foundation and TIAA investment manager Nuveen. The site is based at 9000 Shore Road and consists of two interconnected 14-story buildings spanning about 414,000 square feet. It was built in 1977 on 2.69 acres and includes 325 studio apartments and 233 one-bedroom apartments.
The firms financed their purchase with a $102 million loan from Freddie Mac, and they will invest $52 million of equity into the property. The company is planning to make the buildings more environmentally friendly and improve resident services.
Joshua Plattner, senior manager of investments at Jonathan Rose, said in a statement that the firm is “making a long-term investment to preserve an important affordable housing property for seniors.”
A Newmark Knight Frank Team comprised of Jimmy Kuhn, David Behin, David Fournier, Cliff McDaniel and Derek Dehay was the exclusive broker.
Jonathan Rose Companies is also working on the massive 655-unit Sendero Verde project in East Harlem with L+M Development Partners. The company and its partners went under contract in April to sell 240 West 40th Street to Ray Yadidi’s Sioni Group for about $105 million.