Savoy Park Apartments

The Housing Partnership served as the nonprofit partner of Fairstead Capital's acquisition of Savoy Park, once a financially distressed housing development located in Central Harlem. The project closed at the end of June 2017. Fairstead implemented a preservation transaction that provided significant fresh capital to stabilize the project and brought all units back into stabilization through an Article XI regulatory agreement with the city to ensure long-term affordability. The Savoy Park Apartments, originally known as Delano Village, are located between 139th and 142nd Streets and Fifth and Lenox Avenues. The complex is a rent stabilized residential development constructed in 1959, composed of seven 16-story buildings with 1,802 units. The transaction preserved a formerly at-risk, overleveraged rent stabilized asset, representing a significant victory for current tenants and local housing officials.