CPC’s investment in preserving the Parkchester complex is our flagship example of how mission-oriented investments in multifamily property can transform a neighborhood, while generating a return that can be reinvested in other community revitalization projects.
Located in the southeast Bronx and built between 1939 and 1942 by MetLife as middle-income rental housing, Parkchester was the largest privately built planned community in America.
In 1968, the previous owner converted the complex into two condominiums, Parkchester South with 8,286 units and Parkchester North with 3,985 units. When the borough fell on hard times in the 1970s many of the condo units went unsold, retail tenants left, and the complex slid into disrepair and financial distress. By 1995 the complex was in dire straits.
CPC Resources, with its partners, affiliates of real estate developers Morton Olshan and Jeremiah O’Connor, formed a joint venture to acquire 6,360+ unsold units, the retail space, and parking garages. These assets became collateral to borrow funds for the necessary repairs and improvements.
The $250 million revitalization of Parkchester’s 171 buildings, 12,271-residential units, and 500,000 square-feet of retail space was a ten-year undertaking by CPC, its partners, and the condo owners – a partnership that endures to this day.
The rehabilitation included the installation of more than 65,000 new windows; new, high capacity wiring and copper piping in every apartment; a complete revitalization of the retail space, including a renovation program and a long-term commitment from anchor tenant Macy’s.
The revitalization of Parkchester as a haven of working-class housing has been a catalyst for opportunity and stability within the neighborhood.