Slate Property Group and RiseBoro Community Partnership have joined forces to acquire the former JFK Hilton Hotel in South Jamaica, Queens for $64 million. This acquisition marks the implementation of New York’s Housing Our Neighbors with Dignity Act.
The purchased property will be transformed into Baisley Pond Park Residences, offering 318 affordable units for low-income households and those who were formerly homeless. By adapting existing hotel layouts and minimizing internal changes, Slate aims to complete construction within 21 months. According to David Schwartz, principal of Slate Property Group, this project serves as a model that demonstrates how new apartments can be brought online more quickly than ground-up construction amidst a national housing crisis.
RiseBoro will take on long-term ownership responsibilities along with managing the property and providing on-site support services for residents. The $167 million project has received funding from various public-private partnerships while also preserving Low-Income Housing Tax Credits for future initiatives.
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