NEW YORK CITY — Locally based investment firm Slate Property Group has acquired Queenswood Apartments, a 296-unit affordable housing complex in the borough’s Corona neighborhood. The two-building complex, which was constructed in 1990, was facing imminent expiration of its affordability mandate. Slate has secured a 40-year extension of that mandate with the NYC Housing Development Corp. and the NYC Department of Housing Preservation & Development. Under the new agreement, 35 units will be reserved for renters earning 30 percent or less of the area median income (AMI); eight residences will be earmarked for households earning 50 percent or less of AMI; 230 units will be restricted for tenants making 80 percent or less of AMI; and 22 apartments will be set aside for those making 100 percent or less of AMI.
With the lowering of the minimum income threshold at Queenswood Apartments to 30 percent of the area median income under the new affordability agreement, a family of three earning as little as $38,000 will be able to qualify for units, compared to a minimum of roughly $100,000 today.
Slate Property Group Acquires 296-Unit Affordable Housing Complex in Queens
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