Affordable housing for Christmas

 

Queens Chronicle

The JFK Hilton will soon be the Baisley Pond Park Residences now that the city closed a deal on Monday to convert the South Jamaica hotel into affordable housing with the help of a nonprofit and a real estate group that focuses on creating multifamily homes.

The cost for the city to partially acquire and develop the property is projected at $167 million. Located at 144-02 135 Ave., the space will be transformed into 318 permanent units for low-income and formerly homeless New Yorkers, according to the office of Mayor Adams.

“Digging our city out of this severe housing shortage will require every tool in our toolbox, and our administration helped win an important fight to add this hotel conversion,” Adams said in a statement. “Advancing this plan ... is a sign that we can think outside of the box and take advantage of the opportunities in front of us. I want to thank our partners in Albany for making it possible to turn empty hotels into affordable homes and our development partners who will deliver on the promise of this idea for hundreds of New Yorkers.”

The development partners, which include the nonprofit RiseBoro Community Partnership and Slate Property Group, a real estate lender and operator primarily focused on the adaptive reuse of property for family housing, acquired the property for $64 million.

MSquared, a women-owned real estate development and impact-investing platform, will also be a part of the project.

“Our city faces an urgent need for quality affordable housing and Baisley Pond Park Residence is a great example of how we can utilize new strategies and funding sources to address this crisis head-on,” said Alicia Glen, founder and managing principal of MSquared, in a statement.

MSquared provided a key $4.4 million predevelopment loan. The city will get $48 million from the state’s new Housing Our Neighbors with Dignity Act program. The remaining capital is being provided through a $50 million senior loan from the city Housing Development Corp., which is being serviced by Chase, and the project is funded with an allocation of 501(c)(3) bonds from HDC.

There will be 192 shelter residents with CityFHEPS vouchers in the homes, according to city Department of Social Services Commissioner Molly Wasow Park.

Aracelia Cook, president of the 149th Street South Ozone Park Civic Association, said she is excited about the prospect of affordable housing in the Southeast Queens area.

“We definitely need more permanent housing,” Cook told the Chronicle. “Instead of just another hotel to be a center for migrants.”

Earlier this year, the hotel was closed permanently and later it was used as a shelter for asylum seekers, prompting a protest.

“We need a more permanent housing solution,” Cook said. “They spoke to us about their vision and we are looking forward to partnering with them.”

Cook said RiseBoro and Slate Property have been talking to members of her civic since April and she is glad to see that the deal is finally done.

The hotel, which is a half-mile from JFK Airport, will have full kitchens, ADA-compliant bathrooms, community rooms, a computer lounge, fitness room and on-site laundry. The landscape architecture firm, OSD, has also designed a stunning indoor/outdoor garden space for residents. Rent will range from $784 for studios to $1,493 for a two-bedroom unit, according to the city.