Jonathan Rose Companies pays $94M to Starrett Corp. for Tower West in the Upper West Side

Jonathan Rose Companies through the entity RAHF IV Tower West Housing Company, Inc. paid Starrett Corp.’s Tower West, Inc. $93.8 million for the bulk residential condominium unit at Tower West at 65 West 96th Street in the Upper West Side. The deal closed on March 17, 2020, and was recorded on March 19, 2020. The transaction consists of 1 parcel, including the tax class residential condo in Acris (SC) and containing 217 residential units. The property is 302,399 square feet.
The sale price per unit is $432,426.

Jonathan Rose Companies, a large affordable housing developer and owner, bought the regulated rental tower from Starrett Corp. which has owned the building that it built and which opened in 1971. Starrett Housing Corporation built the high rise with public funds, under the Mitchell-Lama program. Robert S. Olnick, who founded the multifamily owner Olnick Organization, acquired a controlling interest in Starrett in 1961, and was CEO until he left in 1976 to launch the Olnick Organization. Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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