NEW YORK--(BUSINESS WIRE)--Fairstead Capital announced the purchase of Savoy Park Apartments, a 1,790-unit, 10.5-acre multi-family campus in Central Harlem for $315 million. The purchase represents Fairstead’s continued support for New York City affordable housing and the company’s long-term belief in Harlem. The property was sold by an investor group that includes L+M Development Partners and Savanna.
Comprised of seven, 16-story buildings, Savoy Park is 100% rent stabilized and a historical piece of New York City. In collaboration with the City and in congruence with Fairstead’s belief in the importance of New York City affordable housing, Fairstead enhanced and strengthened the existing regulatory agreement, ensuring the property remains affordable until at least 2052.
Fairstead plans to make significant improvements to the property including upgraded security systems, improved public spaces and landscaping and modern renovations to all interior common spaces.
Jeffrey Baker and Graham Hobbs at Savills Studley and Victor Sozio and Shimon Shkury at Ariel Property Advisors represented the seller as the investment sales advisors on the transaction.
Laurie Grasso, Anthony Bonan and Douglas Hoffmann of Hunton & Williams LLP represented the seller. The purchaser was represented by: Joelle Halperin, Jonathan L. Mechanic, Patrick Greeley, Andrew Ebersbach, Lee Parks, Larissa Kravanja, Melissa Brown of Fried, Frank, Harris, Shriver & Jacobson LLP; and Russel Kivler and Gill Benedek of Hirschen Singer & Epstein; and Danielle Epstein-Day and Mitchell Taras of Sadis & Goldberg LLP; and John Engel of Ballard Spahr.
About Fairstead Capital
Fairstead Capital is a real estate investor and manager specializing in New York City multifamily property. Fairstead owns approximately $2.5 billion worth of real estate, comprised of over 6,000 market-rate, work-force and affordable rental units on behalf of its principals and investors.