Olshan, O’Connor Capital Break Ground on Bronx Affordable Project
- Apr 15, 2021
A joint venture of Olshan Properties and O’Connor Capital Partners have commenced construction on Parkchester Gardens, a 221-unit affordable senior community in the Bronx, N.Y.
Developed in conjunction with New York City’s Housing Development Corp. and Department of Housing Preservation and Development, delivery is set for mid-2023.
The project received financing from a mix of public and private sources. HDC provided $81 million in bond financing, while Wells Fargo contributed the mortgage loan, as a combination of low-income housing tax equity and a letter of credit.
Located at 1701 Purdy St. in the Parkchester neighborhood, the community will rise between an elementary school and a park. The Castle Hill Avenue subway station is within walking distance, while the Cross Bronx Expressway is less than a mile south.
HDP will provide a project-based Section 8 contract that will subsidize resident costs. A total of 67 units will serve formerly displaced seniors. Selfhelp Community Services is slated to offer on-site services.
Building in the Bronx
In 1998, partners Olshan and O’Connor, through Parkchester Preservation Co., purchased and managed more than 6,300 unsold condo units in Parkchester. The duo invested $250 million in the six-year restauration process that resuscitated the entire neighborhood.
Since the beginning of 2021, a number of a affordable projects have moved forward within the Bronx. In January, Domain Cos. and partner The VOREA Group broke ground on a $310 million, 554-unit mixed-income community with additional retail space at 414 and 445 Gerard Ave.
The same month, Douglaston Development received financing for its upcoming $93.5 million affordable senior property to rise near the New York Botanical Garden. The 188-unit building represents the first phase of a two-stage, 450-unit affordable project.