Jonathan Rose Companies Acquires Affordable Housing Complex in Inwood for $53M

Johnathan Rose Companies, a real estate development and investment company, has acquired a 126-unit affordable housing community at 210 Sherman Avenue in Manhattan’s Inwood neighborhood from Related Companies for $53 million, the company announced Friday. 

The deal marks the eighth acquisition for the Rose Affordable Housing Preservation Fund VI, which aims to provide long-term housing affordability across its portfolio. Related Companies did not immediately respond to Commercial Observer’s request for comment. 

As part of the new deal, Jonathan Rose Companies plans to undertake a $19.7 million rehabilitation of the property, known as the Caroline Apartments. Improvements will include upgrading the building’s internal systems and energy efficiency,, renovating units and  community space, and hiring a full-time resident services coordinator. 

“This investment reflects our ongoing commitment to preserving the affordable communities that families across New York City depend on,” Max Jawer, managing director of acquisitions at Jonathan Rose Companies, said in a statement. “By extending long-term affordability, reinvesting in meaningful property upgrades and prioritizing resident services, we’re helping ensure that residents continue to have stable, high-quality housing to call home as the surrounding neighborhood continues to evolve.” 

Residents at the Caroline Apartments will be able to remain in their homes during the renovations, according to the announcement.

Newmark served as the broker and lender on the transaction, though it’s unclear which brokers from the firm worked on the deal. The firm did not immediately respond to a request for comment. 

News of the deal comes as New York City experiences a dwindling supply of affordable housing units across the boroughs. Both public and private organizations have been working to combat the crisis through the implementation and utilization of tax incentive programs, but officials in the industry have said there is more that needs to be done to solve the problem. 

“For decades, we’ve partnered with public agencies and local stakeholders to protect existing housing while reinvesting in communities so they can thrive over the long term,” Brandon Kearse, president and chief investment officer at Jonathan Rose Companies, said in a statement. “This acquisition continues that legacy, demonstrating how thoughtful preservation strategies maintain affordability, strengthen neighborhoods and expand opportunities for residents across the city.” 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.