The historic Park 79 Resort on Manhattan’s Upper West Side will quickly be house to a brand new deeply inexpensive senior housing property following the profitable acquisition of development financing to finish the undertaking. Positioned at 117 West 79th Street close to Columbus Avenue, the seven-story constructing will ultimately comprise 77 housing models with on-site supportive and social providers administered by Undertaking FIND. The property will stay inexpensive for seniors for at the very least 60 years by way of a regulatory settlement with the New York Metropolis Division of Housing Preservation and Improvement.
Fairstead Capital bought the resort in 2016 for $22.5 million and has partnered with Undertaking FIND to redevelop the property.
“At a second when the necessity for high-quality inexpensive housing for New York’s seniors couldn’t be extra pressing, we’re past proud to interrupt floor on creating 77 deeply inexpensive residences for seniors proper within the coronary heart of the Higher West Aspect,” mentioned Will Blodgett, founding companion of Fairstead. “We pleasure ourselves in creating and preserving high-quality inexpensive housing in high-opportunity areas, and it’s so gratifying to supply these houses for seniors simply steps from Central Park, the Museum of Pure Historical past, and the JCC.”
The undertaking is funded by way of a $51 million development mortgage from Retailers Capital and a $28.4 million everlasting financing dedication from Freddie Mac originated by Retailers Capital, in addition to a nine-percent Low Earnings Housing Tax Credit score fairness funding from Boston Monetary.
Building is predicted to start within the coming weeks.
“Acquiring financing is a step ahead within the deliberate conversion of the Park 79 Resort into senior inexpensive housing,” mentioned Manhattan Borough President Gale A. Brewer. “I stay up for the day when Undertaking FIND can welcome scores of older adults right into a fantastically restored facility.”
The unique construction debuted as ‘The Indiana’ round 1899 and was designed by New York architect Neville & Bagge. As a Renaissance Revival, the understated façade is comprised of sunshine brown brick and stone masonry, decorative window casings and lintels, and a sublime entrance entrance alongside West 79th Avenue.
Fairstead has chosen CTA Architects to supervise intestine renovation of the property, to ship a totally electrical constructing that doesn’t depend on the usage of fossil fuels to warmth or energy the property. Different sustainable retrofits embody energy-efficient lighting and kitchen home equipment and high-quality air flow. The renovation will even embody the addition of assembly rooms, a communal kitchen, and a neighborhood house with indoor and outside areas.
No development timetables have been introduced.
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