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.
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.