Fairstead Opens Manhattan Affordable Senior Community

The development involved the conversion of an illegal hotel.

Park 79 opening. Image courtesy of Fairstead

Park 79 opening. Image courtesy of Fairstead

Fairstead, Project FIND and the NYC Department of Housing Preservation & Development have opened Park 79, a 77-unit fully affordable senior housing community in New York City’s Manhattan borough. Fairstead acted as general contractor and will continue to act as property manager.

The property previously operated as a single-room occupancy hotel, built in the 1900s. It received multiple violations and was closed in 2015. Fairstead acquired it in 2016 and started an adaptive reuse project to convert it to residential. The development was funded with a $51 million construction loan, originated by Merchants Bank of Indiana in 2020, according to Yardi Matrix data.

Through HPD’s Senior Affordable Rental Apartments program, the age-restricted community provides housing for seniors earning at or below 50 percent of the area median income. The property also includes 24 units designated for formerly homeless individuals. A project-based Section 8 contract supports all the units, under which residents will pay 30 percent of their income in rent.

Located at 117 W. 79th St. in Manhattan’s Upper West Side, Park 79 is within walking distance of Central Park. The property is near several metro stations, which provide easy access across the New York City metropolitan area.

The seven-story building incorporates studio apartments and features Energy Star appliances, heat pumps, high-efficiency boilers, low-flow fixtures and LED lighting. The common-area amenities include a community room, meeting rooms, a landscaped garden an elevator, laundry facilities and controlled access. Project FIND will provide on-site supportive services, remote programming and in-person classes.

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