Jonathan Rose Companies has acquired The Caroline Apartments, a 126-unit affordable housing community in New York City, from Related Companies for $53 million. This transaction marks the eighth acquisition for the Rose Affordable Housing Preservation Fund VI.
Located at 210 Sherman Ave. in Manhattan, The Caroline Apartments were originally built in 1980 and first renovated in 2008. The property includes 126 units, 125 of which are subsidized through a Section 8 Housing Assistance Payment (HAP) contract. Jonathan Rose Companies will preserve the property’s long-term affordability by renewing the HAP contract for an additional 20 years and extending the building’s tax abatement for 60 years through the 420-c program.
Following the acquisition, the firm also plans to undertake a comprehensive $19.7 million rehabilitation of the property. Planned improvements include upgrades to building systems and unit interiors, enhancements to the community center and energy efficiency upgrades targeting Enterprise Green Communities (EGC) certification. The project will also leverage incentives through the New York State Homes and Community Renewal (NYSHCR) Weatherization Assistance Program and the New York State Energy Research and Development Authority (NYSERDA) Affordable Multifamily Energy Efficiency Program.
“This investment reflects our ongoing commitment to preserving the affordable communities that families across New York City depend on,” said Max Jawer, managing director of Acquisitions at Jonathan Rose Companies. “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.”
In addition to physical improvements, Jonathan Rose Companies will implement new resident-focused initiatives designed to strengthen stability and opportunity for residents. These efforts include the addition of a full-time resident services coordinator and the introduction of free broadband access for all residents through the Liberty Link program administered by the New York City Department of Housing Preservation and Development (HPD). Resident services will be delivered in partnership with Connected Communities, supporting programs that promote economic mobility, access to resources and community engagement.
“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,” said Brandon Kearse, president and chief investment officer at Jonathan Rose Companies. “This acquisition continues that legacy, demonstrating how thoughtful preservation strategies maintain affordability, strengthen neighborhoods and expand opportunities for residents across the city.”
The property will remain fully occupied during renovations, ensuring that no residents are displaced. The project team also conducted an aging-in-place survey to help ensure the renovation plan reflects resident needs and supports long-term stability for the community.
