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Slate, RiseBoro Buy Former JFK Airport Hotel for $64M
Slate Property Group, in partnership with RiseBoro Community Partnership, has acquired the former JFK Hilton Hotel in South Jamaica, Queens for $64 million, initiating New York’s Housing Our Neighbors with Dignity Act.
The purchase will transform into Baisley Pond Park Residences, delivering 318 affordable units for low-income households and the formerly homeless. By adapting hotel layouts and minimizing internal changes, Slate aims to complete construction in 21 months. “As we face down a national housing and homelessness crisis, this project is a model that points the way to rapidly bring new apartments online more than a year faster than ground-up construction,” said David Schwartz, principal of Slate Property Group.
RiseBoro will oversee long-term ownership, manage the property, and provide on-site support services for residents. The $167 million project receives funding from various public-private partnerships, preserving Low-Income Housing Tax Credits for future initiatives.
- ◦Sale/Acquisition
- ◦Development
