117 West 79th Street

Existing conditions at 117 West 79th Street - Courtesy of Fairstead

Park 79 Hotel at 117 West 79th Street Set For Senior Affordable Housing Conversion, on Upper West Side

The historic Park 79 Hotel on Manhattan’s Upper West Side will soon be home to a new deeply affordable senior housing property following the successful acquisition of construction financing to complete the project. Located at 117 West 79th Street near Columbus Avenue, the seven-story building will eventually comprise 77 housing units with on-site supportive and social services administered by Project FIND. The property will remain affordable for seniors for at least 60 years through a regulatory agreement with the New York City Department of Housing Preservation and Development.

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117 West 79th Street

Residential Conversion Planned for 108-Unit Park 79 Hotel SRO at 117 West 79th Street, Upper West Side

Fairstead Capital has purchased the vacant seven-story, 108-key Park 79 Hotel at 117 West 79th Street, on the Upper West Side, for $22.5 million. The new owners plan to convert the 32,172-square-foot SRO building into an undisclosed number of residential apartments. It’s unclear whether the apartments will be rentals or condominiums. Park 79 Hotel closed late last year after receiving a slew of violations from the Buildings Department. Before the property was an illegal hotel, it was supposed to be a single room occupancy building for low-income tenants, Real Estate Weekly reported. The property comes with 27,780 square feet of air rights, allowing for a potential expansion. It’s also located within the Upper West Side/Central Park West Historic District, which means the Landmarks Preservation Commission must approve any exterior alterations.


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