You are reading

Slate Property Group purchases Queenswood Apartments in Corona with plans to offer more affordable housing

Jul. 6, 2023 By Julia Moro

Slate Property Group recently purchased a 296-unit complex in Corona with plans to renovate the roofing and solar panels, as well as make kitchen and bathroom apartment upgrades, all while making the buildings more affordable.

The affordable housing program at 54-09 and 54-39 100th St. in Corona was expiring, but with Slate’s purchase, the affordability will be extended for 40 years.

The Queenswood Apartments were built under the 421A program in the ’90s. With Slate’s ownership, a new affordability agreement will allow residents to remain in their homes at the existing rents. Upon re-rental, qualifying tenant incomes and rents for apartments will be lowered from 80-180% of area median income (AMI) to just 30-100% of AMI. This means families of three, for example, earning $38,000 will be able to rent a unit.

David Schwartz, principal at Slate Property Group, said that this community faced a very real risk of losing their affordable housing.

“Because Slate and the city’s housing agencies worked together, Queenswood Apartments will remain affordable — and become even more affordable — for decades to come. This is good news for residents and for Corona,” Schwartz said. “The improvements we’re making will help residents remain in place and transform these buildings into models of sustainability.”

NYC Housing Development Corporation President Eric Enderlin thanked the partners who made this opportunity happen for the Corona community.

“The city is fully committed to ensuring greater stability for New York City’s existing affordable housing residents through our ongoing preservation efforts,” Enderlin said.

NYC Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr. said the city is experiencing an affordable housing crisis, but the Queenswood acquisition will “not just save but depend affordability for decades while residents benefit from major upgrades.”

The expiring 421A affordable housing program had 59 units set aside for low-income households earning up to 80% AMI and 236 units for households earning no more than 180% AMI.

The new affordable housing program through Article XI includes a 40-year term where current legal rents remain in place. Rents for new residents will be further restricted, with rents set to 30% AMI (35 units), 50% AMI (8 units), 80% AMI (230 units) and 100% AMI (22 units).

Local Council Member Francisco Moya mentioned that Slate has delivered an incredible project for the community.

“Every affordable apartment and building counts in a city that is currently facing a severe, once-in-a-generation housing crisis, like never seen before,” Moya said. “Without a doubt, Slate Property Group has delivered an incredible project that will let the tenants of Queenswood Apartments Complex keep living in an affordable, newly renovated, and sustainable building.”

The Queenswood Apartments are comprised of two, eight-story buildings with a playground and private courtyard, controlled access gated entry, a 24-hour laundry facility, and on-site parking.

Recent News

Priest imposter who allegedly robbed Queens church arrested in California after nationwide hunt

A bald-headed burglar who allegedly posed as a priest to gain entry to the rectory at American Martyrs Roman Catholic Church in Oakland Gardens—before robbing a real reverend of $900—was arrested in California earlier this month.

Malin Rostas, 45, of New York, was arrested by deputies from the Moreno Valley Sheriff’s Station, which is part of the Riverside County Sheriff’s Office, on an outstanding burglary warrant out of Pennsylvania. Rostas, believed to be a serial thief, was wanted by jurisdictions across the nation.

Flushing man indicted in fatal collision that killed 10-year-old boy in East Elmhurst last month: DA

A Flushing man was indicted by a Queens grand jury in a fatal collision that killed an 8-year-old boy in East Elmhurst last month.

Jose Barcia, 52, is accused of speeding through a crosswalk while making a left turn, killing Bayron Palomino Arroyo and injuring his 10-year-old brother Bradley on Mar. 13. The grand jury indictment was filed on Apr. 18, and Barcia will be arraigned on May 2, according to Queens District Attorney Melinda Katz.

Glendale man indicted for murder in fatal stabbing of girlfriend at a Maspeth tavern: DA

A Glendale man was indicted by a Queens grand jury for murder and weapons charges for the fatal stabbing of his girlfriend at an Irish pub in Maspeth last month.

Marcin Pieciak, 36, of 76th Street, was arraigned Friday in Queens Supreme Court on an indictment charging him with murder for allegedly stabbing Sarah McNally, while she was working as a bartender at The Céilí House—before slitting his own throat.