Slate Property Group has acquired the 296-unit Queenswood Apartments complex in Corona, Queens. The affordable housing complex was facing the expiration of its affordability program, but under Slate’s ownership, it will be extended for 40 years. The price was not disclosed.
The NYC Housing Development Corporation and NYC Department of Housing Preservation and Development were involved in deepening the affordability of these apartments. This agreement allows current residents to remain at their existing legal rents while qualifying tenant incomes and rents for new rentals are lowered accordingly.
Slate plans to invest significantly into major upgrades such as roofing insulation, solar panels, kitchen improvements as well as bathroom renovations throughout all buildings onsite .
