Transaction Follows Record-Breaking Affordable Housing Sale at Adjacent Site
December 22, 2020
New York City – Transwestern Real Estate Services (TRS) announces it represented Goodwill Industries of Greater NY and Northern NJ Inc. in the $14.4 million sale of 26-25 Fourth St. in Astoria, Queens. Transwestern Partners Stephen Powers and Lindsay Ornstein and Senior Associate Jake Cinti provided investment sales and consulting services to Goodwill NYNJ. The buyer was not disclosed.
Currently the site of a single-story, 31,000-square-foot warehouse that served as a distribution center for Goodwill NYNJ, the location is adjacent to Goodwill Terrace, a 200-unit affordable housing building that Goodwill NYNJ sold to Jonathan Rose Companies in late 2019. The $35 million sale of Goodwill Terrace set a record price for an affordable housing preservation disposition in New York City.
Transwestern’s Nonprofit Advisory Services group has completed three transactions for Goodwill NYNJ in the past year. In addition to the sales of 26-25 Fourth St. and Goodwill Terrace, the firm represented Goodwill NYNJ in its 30,800-square-foot lease renewal of the full third floor of 25 Elm Place in Brooklyn in June 2020. Goodwill NYNJ provides training, placement, on-the-job coaching, and retention services from its Brooklyn location.
“The sale of this development site concludes a major disposition of two assets for Goodwill, the proceeds of which will allow Goodwill to further invest in strengthening its programs throughout New York and New Jersey,” said Powers, who leads Transwestern’s national Nonprofit Advisory Services group. “We are thrilled to have been able to help the social services agency bolster its financial strength at this critical time.”
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.