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.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.