Olshan Properties and O’Connor Capital Partners, in collaboration with New York City’s Housing Development Corporation and Department of Housing Preservation and Development (HPD), have officially opened Parkchester Gardens. This new affordable housing development is located at 1701 Purdy Street in the Bronx’s Parkchester neighborhood. The building began welcoming its first residents in late 2023, with more move-ins scheduled throughout 2024.
The development includes a total of 221 units for senior citizens, who will benefit from a Project-Based Section 8 contract provided by HPD to help cover their housing costs. Additionally, out of the total number of units available, 67 will be reserved for formerly displaced seniors.
Zachary Bornstein, CEO of Olshan Properties stated that he is thrilled to celebrate the completion of this project alongside their partners at O’Connor Capital Partners. He also emphasized how important this development is for addressing the citywide issue of affordable housing. Bornstein expressed gratitude towards both private and public partners whose contributions were crucial to making this project possible.
