Fairstead Leverages Private-Public Partnership to Finance Prized Affordable Housing Portfolio

NEW YORK CITY – Fairstead, a real estate firm specializing in affordable, mixed-income, and market-rate housing, has financed a 905-unit portfolio of subsidized housing in Manhattan and Brooklyn. The nine properties include 49 buildings, which were slated to get converted to market-rate housing before the firm swooped in.

Fairstead in collaboration with New York City Council members, the Department of Housing Preservation and Development, and the Department of Housing and Urban Development executed the new financing to ensure the properties remain affordable over the next 40 years. Fairstead also committed to new regulatory agreements with HPD for the 905-units.

“Preserving affordable housing allows families to stay in their homes while giving new life to the buildings they live in,” said HPD Commissioner Louise Carroll in a prepared statement. “HPD is proud to work with Fairstead to rehabilitate hundreds of homes across nine properties, protecting this valuable housing, and giving New Yorkers the security of knowing they can afford to stay in their communities for years to come.”