Slate Property Group, RiseBoro Complete Hotel-to-Housing Conversion in Queens
QUEENS, N.Y. — Slate Property Group and RiseBoro Community Partnership have completed a development project converting the former JFK Hilton Hotel into 318 affordable apartments, according to the NYC Housing Development Corporation (HDC). The project, known as Baisley Pond Park Residences, marks New York City’s first hotel-to-affordable housing conversion under the Housing Our Neighbors with Dignity Act (HONDA).
NYC’s First Hotel-to-Affordable Housing Conversion
The Baisley Pond Park Residences, located at 143-06 135th Avenue in South Jamaica, Queens, were completed in 18 months—half the time typically required for new construction. The development was supported by multiple city and state agencies, including the New York City Department of Social Services (DSS), the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation (HDC), and New York State Homes and Community Renewal (HCR).
Of the 318 units, 60% are designated for formerly homeless New Yorkers. The building is owned and operated by a nonprofit entity and offers on-site services for residents. The project was funded through the city’s Affordable Housing Services program, part of a broader initiative to expand affordable housing options across New York City.
Public Officials and Partners Highlight Collaboration
City and state officials, including New York State Assembly Member Khaleel Anderson, State Senators Leroy Comrie and Brian Kavanagh, and Queens Borough President Donovan Richards, joined Slate Property Group and RiseBoro representatives for the ribbon-cutting ceremony.
“The Baisley Pond Residences exemplifies what can be achieved when we bring all stakeholders to the table to pursue bold and creative housing solutions for New Yorkers experiencing homelessness,” said Department of Social Services Commissioner Molly Wasow Park. “We’re proud to play a foundational role in the realization of this landmark project through our novel Affordable Housing Services program.”
Affordable Housing Development in Queens
The conversion aligns with the city’s ongoing efforts to address the housing crisis by repurposing underused hospitality assets into permanent housing. The project demonstrates how public-private partnerships can accelerate the creation of affordable housing and help meet community needs more efficiently.
The Baisley Pond Park Residences project is part of a broader trend in real estate development that focuses on adaptive reuse to expand access to affordable homes. The NYC Housing Development Corporation continues to support similar initiatives across the city.
About the Partners
Slate Property Group is a New York-based real estate firm involved in development, acquisition, and management across multiple property types. RiseBoro Community Partnership is a nonprofit organization focused on community development and housing services. The NYC Housing Development Corporation, a public benefit corporation, finances affordable housing projects throughout the five boroughs.
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