Transwestern Advised Goodwill on Sale, Proceeds of Which Support Regional Programs
January 08, 2020
New York City – Transwestern Commercial Services today announces that it represented Goodwill Industries of Greater NY and Northern NJ, Inc. (Goodwill NYNJ) in the $35 million sale of Goodwill Terrace, an affordable housing building in Long Island City, to Jonathan Rose Companies.
Located at 4-21 27th Avenue, Goodwill Terrace has more than 200 housing units and 50,000 square feet of office and program space, which includes Goodwill NYNJ’s headquarters. A requirement of the sale for Goodwill NYNJ was that the buyer commit to preserving the building for much-needed affordable housing for the city’s residents. The Transwestern team of Stephen Powers, Lindsay Ornstein, Jake Cinti, Dean Sigmon and Justin Shay provided investment services to Goodwill NYNJ and procured the buyer.
“Goodwill NYNJ is proud of having built this affordable housing complex in the 1970s and supporting our residents and our community for over 45 years,” said Katy Gaul-Stigge, President & CEO of Goodwill Industries of Greater NY and Northern NJ, Inc. “In this next chapter we are extremely proud to have Goodwill Terrace be part of Jonathan Rose Companies, where it will continue to stay a part of NYC affordable housing landscape and see improvements for the wonderful tenants. We will reinvest the proceeds from this sale into the core mission of Goodwill NYNJ programs that serve 30,000 people with disabilities and other barriers to employment to gain independence through the power of work.”
“The sale of Goodwill Terrace places Goodwill NYNJ in an unsurpassed position of strength moving forward,” said Stephen Powers, Transwestern Partner and leader of the firm’s national Nonprofit Advisory Services group. “Goodwill is benefitting from a tremendous opportunity to build its endowment, which will support its critical mission for the next 100 years. We applaud and appreciate Jonathan Rose Companies’ commitment to keeping Goodwill Terrace affordable.”
Goodwill Terrace is located in the Hallett’s Point neighborhood of Astoria, on a peninsula in the East River. Nearby amenities include abundant retail and restaurants, as well as numerous bus and subway stops.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
ABOUT GOODWILL INDUSTRIES OF GREATER NY AND NORTHERN NJ, INC.
Goodwill Industries of Greater NY and Northern NJ, Inc. is a 501(c)(3) nonprofit organization. We exist to uplift the local communities of New York and Northern New Jersey by using funds generated in our retail stores and donation centers to support employment opportunities for people with disabilities or other obstacles to employment. For more information, please visit our website (www.goodwillnynj.org) and follow us on Facebook, Instagram, Twitter and Snapchat (@GoodwillNYNJ).