Fairstead acquired the
Midtown Portfolio in August 2019 as a part of a nine-property, 905-unit portfolio located throughout Manhattan and Brooklyn. After surveying residents, Fairstead developed a preservation plan that improved the standard of the building while being environmentally conscious and meeting the needs of the residents. Fairstead successfully obtained City Council approval for a new 40-year Article XI with HPD and secured a long-term renewal of the HAP contract, preserving affordability at the Midtown Portfolio for the next generation of families. Fairstead implemented a comprehensive in-unit, common area, and exterior rehabilitation plan that included the renovation and reactivation of both community rooms, installation of new kitchens, new bathrooms, new closets, low-flow water fixtures, new electrical panels, new Energy Star appliances, new security system, retrofitting of LED lighting throughout entire building, and UFAS accessibility upgrades. Individual in-unit renovations were streamlined to be completed in 5 -7 days with tenant-in-place.
These renovations resulted in an estimated 10% savings in gas at each building, an estimated 40% savings in water at each building, an estimated 5% savings in electricity at 48th street and an estimated 34% savings in electricity at 53rd street.
Fairstead Management’s Social Services team forged partnerships with Neighborhood Coordination Officers, We All Really Matter (WARM) and the Salvation Army. The team also improved resident services in education, health awareness, employment services, assisted home care, and curated resident events including a Thanksgiving voucher giveaway and holiday toy drives.