Olshan Properties, O’Connor Capital Partners Break Ground on 221-Unit Parkchester Gardens in the Bronx

NEW YORK CITY — 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 affordable seniors housing development in the Parkchester section of the Bronx.

The development, which will be called Parkchester Gardens, is scheduled for completion by mid-year 2023.

Financing for the construction of Parkchester Gardens was sourced through a combination of public and private entities. The New York City HDC provided $81 million of bond financing for the development. In addition, Wells Fargo provided mortgage financing via a combination of low-income housing tax credit (LIHTC) equity and a Letter of Credit.

Parkchester Gardens will deliver affordable housing units to a community where prohibitively high housing costs and COVID-related job losses have increased sharply, according to the developers. The costs to residents will be subsidized by a Project-Based Section 8 contract for the building, provided by the New York City Department of Housing Preservation and Development.

Of the total units, 67 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.