Slate Property Group, RiseBoro Community Partnership Plan 318-Unit Affordable Housing Conversion in New York City

by Channing Hamilton

NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms.

As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which is expected to take about 21 months to complete. The total cost of development is expected to be about $167 million.

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