Construction is complete on Parkchester Gardens, an eight-story senior affordable housing project at 1701 Purdy Street in Parkchester, The Bronx. Designed by Dattner Architects and developed by both Olshan Properties and O’Connor Capital Partners, the structure yields 221 residential units, with 67 reserved for housing formerly displaced seniors. The property is located by the intersection of Purdy Street and Parker Street.
All residents will benefit from a Project-Based Section 8 contract, provided by the New York Department of Housing Preservation and Development, which will subsidize their housing costs.
Photograph of outdoor area at Parkchester Gardens. Credit: Olshan Properties
Amenities at Parkchester Gardens include a gym, shared laundry rooms, and a recreation room. All residents have access to on-site services and programming provided by Selfhelp Community Services.
Photograph of indoor common area at Parkchester Gardens. Credit: Olshan Properties
Financing for Parkchester Gardens was provided by a combination of public and private entities, including $81 million in bond financing from the New York City HDC and mortgage financing through low-income housing tax equity and a Letter of Credit from Wells Fargo.
Photograph of a current resident’s kitchen at Parkchester Gardens. Credit: Olshan Properties
“Olshan Properties and our partners at O’Connor Capital could not be happier to celebrate the completion of the Parkchester Gardens development,” said Zachary Bornstein, CEO, Olshan Properties. “Parkchester Gardens positively impacts the community by directly addressing the citywide housing affordability challenge. I am extremely grateful to our private and public partners for their invaluable contributions that have led to the project’s development and future success.”
Photograph of ribbon cutting ceremony at Parkchester Gardens. Credit: Olshan Properties
The nearest subway from the property is the 6 train at the Castle Hill Avenue station to the south.
The development began welcoming residents in late 2023. Move-ins are expected to continue throughout 2024.
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Sometimes people who want beautiful homes don’t have the ability to buy them: Thanks.
The investments in the community and revitilization are exciting to see.
It is long overdue in our state and country.
I hope this continues for the population and no one in America should be “Homeless.”
Or afraid of being in the street. Many Seniors have lost family to age or circumstances. Many Seniors are alone and need to be protected they are vulnerable.