Developers and city officials gathered at 117 West 79th Street to celebrate the opening of Park 79, a new affordable housing project for seniors on Manhattan’s Upper West Side. The building contains 77 apartments, on-site supportive and social services, and a collection of indoor and outdoor amenity spaces.
The Park 79 project team includes national development company Fairstead, supportive housing developer Project FIND, and CTA Architects, a design studio based in Manhattan. In addition to its role as developer, Fairstead is also the building’s property manager and served as general contractor.
Through the Department of Housing Preservation and Development’s Senior Affordable Rental Apartments program, Park 79 provides housing for seniors earning at or below 50 percent of the area median income, including homes for formerly homeless individuals.
“Between its deep 100-percent affordability, in-house services, and commitment to resiliency, Park 79 is a model for modern housing in New York,” said Manhattan borough president Mark Levine. “Amid New York’s housing crisis, it’s crucial that we see the potential in underused and vacant spaces and transform them to benefit our communities. We can’t afford to let any space go to waste.”
Previous conditions at 117 West 79th Street – Courtesy of Fairstead
The seven-story building was originally constructed in 1899 and features a Renaissance Revival architectural style. More recently, the building was used as an illegal single-room occupancy hotel.
Fairstead purchased the hotel in 2016 for $22.5 million and partnered with CTA Architects to complete the conversion. Today, the building is fully electric and does not rely on the use of fossil fuels to heat or power the property. Other sustainable features include energy-efficient lighting and kitchen appliances, a high-efficiency boiler, low-flow water fixtures, and high-quality ventilation.
The amenity program includes community and meeting rooms, a landscaped garden, 24-hour security, a shared laundry room, and free Wi-Fi in the common spaces.
“Amid a housing shortage and affordability crisis, Fairstead is dedicated to finding creative solutions to helping New Yorkers age in place with dignity,” said Jeffrey Goldberg, CEO of Fairstead. “Park 79 will not only change the lives of our residents, but also demonstrates how to bring thoughtful and intentional conversions to life. We want to thank both our government and community partners for their incredible work during this process, and we are proud to provide high-quality housing for older New Yorkers.”
To fund construction, Fairstead secured a $51 million construction loan from Merchants Capital, a $28.4 million permanent financing commitment from Freddie Mac originated by Merchants Capital, as well as a nine-percent Low Income Housing Tax Credit equity investment from Boston Financial.
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Yes yes something for the senior. I like Thank you
How can I apply for an apartment?
I am 73 years of retired female.
Let’s see if seniors can afford an all-electric building in NYC.
I love seeing beautiful old buildings preserved and adapted to modern technology.
I see the building has landmark status, perhaps for being in a district. It recently got violations for low-pressure boiler inspections which seems odd with electric heat.
So happy available apts for seniors. As for electricity charges, I’ve been paying my own electricity my entire life and certainly know how to conserve. I have to as a senior now even more since I am retired from work.
I am interested in applying for this. Would like more info on this project.