Good news for the housing market in Brooklyn and Manhattan: Fairstead, a real estate firm focused on preserving New York City’s quality affordable housing market, has recently announced a subsidized housing project which includes nine properties (49 buildings) in these two boroughs.
The properties had originally been set to become market-rate housing. To maintain the buildings’ affordable housing status, Fairstead partnered with the neighborhoods’ NYC Council Members, the Department of Housing Preservation and Development (HPD), and the Department of Housing and Urban Development (HUD) to ensure the safety and suitability of the apartments therein. The agreement gives all 905 units the guarantee of affordability until 2060, at least.
Fairstead is an industry leader in social responsibility and community building. The company invests, develops, owns, and operates affordable, mixed-income, and market-rate housing. Fairstead’s purpose-driven, pioneering strategies have led the firm to acquire, develop or preserve nearly 15,000 units since its founding.
Will Blodgett, co-founder and partner at Fairstead, said:
“Affordable housing continues to be a scarce resource in this country, especially in New York. Public-private partnerships are key to creating and maintaining this affordability and Fairstead is proud to work with city council members and agencies alike who recognize the importance of preserving these affordable units and Fairstead’s ability to bring about positive change. We are incredibly proud of the entire team, for without these partnerships, none of this would have been possible. We thank everyone involved and look forward to keeping these units as deeply affordable for at least the next 40 years.”
The assets set for renovation and preservation are:
- Sunset Park Rehab (3 Buildings, 28 units, Sunset Park, Brooklyn)
- Sixth Avenue Rehab I (2 Buildings, 45 units, Sunset Park, Brooklyn)
- Sunset Park NSA Group II (13 Buildings, 148 units, Sunset Park, Brooklyn)
- Sunset Park NSA Group I (24 Buildings, 187 units, Sunset Park, Brooklyn)
- 414 West 48th Street (1 Building, 54 units, Midtown West, Manhattan)
- 523 West 53rd Street (1 Building, 41 units, Midtown West, Manhattan)
- Plaza Apartments (2 Buildings, 76 units, Crown/Prospect Heights, Brooklyn)
- St. Nicholas Manor Apartments (1 Building, 112 units, Harlem, Manhattan)
- Harlen Housing (2 Buildings, 214 units, Harlem, Manhattan)