Senior Affordable Housing Community Opens in the Bronx
Parkchester Gardens will feature onsite services and programs for formerly displaced residents.
Parkchester Gardens, a 221-unit senior affordable housing development located at 1701 Purdy St. in the Bronx’s Parkchester neighborhood, has opened. First residents began moving into the building in late 2023 and additional move-ins will continue throughout this year.
Olshan Properties and O’Connor Capital Partners delivered the property in collaboration with New York City’s Housing Development Corporation and the Department of Housing Preservation and Development. The community was built to respond to the community’s need for affordable senior housing.
Pierre E. Debbas, co-founder of New York-based Romer Debbas, LLP, told Multi-Housing News that affordable housing is one of the most significant issues in NYC.
“It is great to see projects such as this come to fruition as the affordability crisis is at a historic level and underserved communities are in desperate need of an increase in affordable housing,” he said. “Hopefully, more projects like this will take place and create more housing for seniors as well as low-income households.”
Affordable with amenities
A project-based Section 8 contract provided by the HPD will subsidize Parkchester Gardens residents’ housing costs and 67 of the 221 residential units will go to formerly displaced seniors. Selfhelp Community Services will offer onsite services and programming for these residents.
Parkchester Gardens amenities include an on-site gym, shared laundry rooms, a recreation room, outdoor spaces and 24/7 security. It is near the Castle Hill subway station on the 6-line as well as multiple bus stops for easy access throughout New York City.
Public and private entities financed the development of Parkchester Gardens, which commenced construction in 2021. The New York City HDC provided $81 million in bond financing and Wells Fargo supplied mortgage financing through low-income housing tax equity and a Letter of Credit.
Olshan Properties and O’Connor Capital Partners now own and manage 6,382 apartment units, as well as some commercial space, throughout the Bronx.
