Goodwill Terrace

Goodwill Terrace was acquired on December 23, 2019. Goodwill Terrace is a 202-unit NYC Mitchell-Lama family housing property, with approximately 60,000 sf of community facility space located in the Hallets Point and Astoria neighborhoods of Queens. The Fund acquired the property for $35 million from Goodwill Industries. The acquisition was financed with a 35-year, $28.5 million loan from the NYC Housing Development Corporation (“HDC”). A transformative rehabilitation is also anticipated at the property where the Fund will invest approximately another $10 million.

The significant rehabilitation scope is anticipated to kick off by March 2020. The Fund will invest approximately $10 million to upgrade the building’s energy efficiency, replace the roof and boiler, upgrade roughly 75% of the units, and modernize and create resident amenity spaces which the building currently lacks. The scope will be transformative for the residents at the property since it also includes a community kitchen in the existing community room, upgrades to the lobby (to create a package room), new management and staff lounges, a gym, a business and classroom center, a social services office, and health exam room.