Slate Property Group, in collaboration with RiseBoro Community Partnership, has recently acquired the former JFK Hilton Hotel located in South Jamaica, Queens for a total of $64 million. This acquisition marks the beginning of New York’s Housing Our Neighbors with Dignity Act.
The property will be transformed into Baisley Pond Park Residences and will offer 318 affordable units to low-income households and those who were previously homeless. By utilizing existing hotel layouts and minimizing internal changes, Slate aims to complete construction within 21 months. “As we confront a nationwide housing crisis and homelessness epidemic, this project serves as an exemplary model that demonstrates how new apartments can be made available at a much faster rate compared to ground-up construction,” stated David Schwartz, principal at Slate Property Group.
RiseBoro will oversee long-term ownership of the property while managing it on-site and providing support services for residents. The $167 million project is being funded through various public-private partnerships which also aim to preserve Low-Income Housing Tax Credits for future initiatives.
The article titled “Slate & RiseBoro Acquire Former JFK Airport Hotel for $64M” was originally published on Connect CRE’s website.
