Olshan, O’Connor Capital Break Ground on Parkchester Seniors Housing
A partnership led by Olshan Properties and O’Connor Capital Partners, in conjunction with New York City’s Housing Development Corporation (HDC) and Department of Housing Preservation and Development (HPD), has begun construction on a new 221-unit senior affordable housing development. It’s located at 1701 Purdy St. in the Parkchester section of the Bronx.
The development, to be called Parkchester Gardens, is expected to be completed by mid-year 2023.
Financing for the construction of Parkchester Gardens was sourced through a combination of public and private entities. HDC provided $81 million of bond financing. In addition, Wells Fargo provided mortgage financing via a combination of low-income housing tax equity and a letter of credit.
Sixty-seven of the 220 residential units will be set-aside for formerly displaced seniors. Selfhelp Community Services will provide onsite services and programming for building residents, funded by a contract from the New York City Human Resources Administration.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).