Baisley Pond Park Project converted the JFK Hilton Hotel into 318 affordable homes, complying with the Housing Our Neighbors with Dignity Act. The project faced financing, design, and policy hurdles. More than half of the new residents are formerly homeless families. The innovative financing package was crucial for the project’s success. Architects worked to effectively utilize the building’s existing structure while adapting it to meet current housing needs. This project aims to demonstrate the potential of hotel conversion amid a challenging real estate environment.
The Baisley Pond Park Project, built by a nonprofit and a developer in collaboration with multiple city agencies, cobbled together an innovative financing package from public and private sources.
More than half of residents-60 percent-will be formerly homeless families moving out of shelter, leveraging a development incentive from the Department of Social Services that helps pay rent in new affordable units by leasing up city voucher holders.
We cracked the code on how to convert a hotel into a low income apartment building. It's just a matter of getting the building at the right price, said project architect Ariel Aufgang.
Baisley Pond Park Residences, in its infancy when the pandemic-era development incentives were made law, has emerged into a radically different market for hotels.
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