Selfhelp Realty Group, The NRP Group and Group Fox Management Close $214 Million Sol on Park Deal, Adding 229 Affordable Senior Homes to Bronx NYCHA Campus

A $214 million financing has closed for Sol on Park, a 229-unit affordable senior housing development on the New York City Housing Authority's Morris Houses campus in the Bronx, city officials announced July 1. The project is being developed by Selfhelp Realty Group, The NRP Group and Group Fox Management in partnership with NYCHA, the NYC Housing Development Corporation and the NYC Housing Development Corporation.

Construction is set to begin following the closing, with residents expected to move in during early 2029. The development will be built to LEED Platinum and Passive House standards.

Transfer of Assistance Program at Record Scale

Sol on Park represents the city's largest use to date of the Transfer of Assistance program, a financing mechanism that the Mamdani administration has described as an innovative tool for creating affordable housing on public land. The program allows current Morris Houses residents to relocate into new units while keeping subsidies attached to the new building.

Of the 229 apartments, 80 are reserved for current NYCHA residents living at Morris I and II through the Transfer of Assistance program, 69 are designated for formerly homeless seniors, and 79 will be made available through the Housing Connect lottery for low- and middle-income seniors.

"Sol on Park is a win for all New Yorkers, providing brand-new affordable senior housing for both NYCHA residents and new neighbors," said Leila Bozorg, Deputy Mayor for Housing and Planning. "Projects like these show how we can use innovative financing models and public land to build the housing that New Yorkers need. This is a success story for the Transfer of Assistance tool and proof of concept for similar projects across the five boroughs."

NYCHA Chief Executive Officer Lisa Bova-Hiatt said the closing brings the authority closer to "delivering a truly remarkable and dignified living experience to hundreds of low- to moderate-income seniors in the Bronx," adding that the project also creates new space for the Morris Houses Resident Association.

Development Team and Project Details

Selfhelp Realty Group, The NRP Group and Group Fox Management are serving as co-developers on the project. The NRP Group Senior Vice President of Development Jonathan Gertman described Sol on Park as the firm's first major project in New York City.

"Working alongside our co-developers, the talented professionals of the city's housing agencies, and dedicated elected officials and community leaders, we are bringing new life to a Morris Houses site with 229 affordable homes for seniors," Gertman said. "Residents of Sol on Park and the broader community will benefit from 8,100 square feet of community facility space and a robust network of supportive services."

Selfhelp Realty Group Executive Director Lisa Trub said the project reflects the organization's focus on aging-in-place housing paired with on-site services. "Sol on Park reflects what's possible when mission-driven partners come together with a shared focus on seniors and community," Trub said.

Foxy Development Principal Jeff Fox noted that Sol on Park is the firm's sixth senior housing project. "We are incredibly grateful to our partners and the multitude of city agencies whose collaboration and ingenuity are a testament to the power of public/private partnerships," Fox said.

NYCHA began engaging Morris Houses residents on the project in 2019, conducting years of community outreach that helped shape the development's design. That engagement led to the introduction of the Transfer of Assistance model and the creation of an approximately 1,400-square-foot, fully accessible space for the Morris Houses Resident Association.

Health-Focused Design and On-Site Services

When complete, Sol on Park will feature on-site services through partnerships with the Union Community Health Center and Green Bronx Machine's National Health & Wellness Center. The building will also include bicycle storage, laundry facilities, exercise rooms and computer labs, along with a new pedestrian plaza integrated into the Morris Houses campus.

HPD Commissioner Dina Levy said the project will provide social services to residents as well as a health and wellness center and career training opportunities for the local community. "Sol on Park represents our commitment to building housing that contributes positively to local neighborhoods, while providing seniors with stable, dignified homes," Levy said.

HDC President Eric Enderlin said the development "responds to the growing housing needs of New York City's aging population while simultaneously strengthening the community of NYCHA's Morris Houses in the Bronx."

Morris Houses Residents Association President Regina Carter said the project reflects meaningful outcomes achieved through resident participation. "The voluntary Transfer of Assistance opportunity for 80 Morris Houses households, along with new space for resident leadership and programming, reflects the meaningful outcomes that can be achieved when residents are true partners in the process," Carter said.

Broader Policy Context: Block by Block Housing Plan

City officials framed Sol on Park as a proof-of-concept for the Mamdani administration's "Block by Block" housing strategy, which targets building 200,000 affordable homes and preserving another 200,000 over the next decade. The plan also calls for expanding the Transfer of Assistance program to other NYCHA sites across the five boroughs.

NYCHA Interim Chief Real Estate Officer Heather Beck said the project demonstrates how the authority can leverage "every tool in our toolbox to create new housing opportunities for both our existing residents and low-income New Yorkers citywide," including building 100 percent permanently affordable senior housing on NYCHA land.

The specific capital structure for Sol on Park was not disclosed in the announcement. At a total development cost of $214 million across 229 units, the project reflects a per-unit cost of approximately $934,000.