NEW YORK CITY — Fairstead Capital has acquired Savoy Park Apartments, a 1,790-unit multifamily campus in the Central Harlem neighborhood of Manhattan, for $315 million. An investor group that includes L+M Development Partners and Savanna sold the property, which is situated on 10.5 acres.
Savoy Park consists of seven 16-story buildings, and is 100 percent rent-stabilized. Under the terms of the deal, Fairstead Capital will maintain the apartments as affordable housing until at least 2052.
Fairstead Capital plans to upgrade the complex with renovations to interior common spaces, landscaping, public spaces and security systems.
Savoy Park offers studio, one- and two-bedroom units and includes amenities such as walking paths, courtyards, playgrounds, laundry facilities, on-site parking and on-site maintenance and management. The complex, built in 1959, was last renovated in 2005.
A real estate fund created by Citigroup and L+M purchased the complex, formerly known as Delano Village, in 2012, according to Real Estate Weekly. The deal, which prevented the property from going into foreclosure, was valued at $210 million.
Savills Studley’s Jeffrey Baker and Graham Hobbs, along with Ariel Property Advisors’ Victor Sozio and Shimon Shkury, brokered the deal.
Fairstead Capital is a real estate investor and manager specializing in multifamily properties in New York City.
— Christina Cannon