Savoy Park is a residential community built in 1959. The seven, 17-story buildings sit on a 10.5-acre campus in Central Harlem. Upon acquisition in July 2016, Fairstead implemented a preservation plan including in-unit and common area improvements, energy and sustainability advancements and a dynamic social services program. Fairstead’s preservation plan included the renovation of all seven building lobbies and 112 hallways, the installation of package rooms, bike storage and pet spas to all seven lobbies, the installation of a new low-voltage gate and security system, a centralized trash/recycling/compost compactor, new energy-efficient appliances and low-flow water fixtures, improvement of facades on all seven buildings, creation of centralized air ventilation system and conversion of utility billing from flat-rate to consumption-based billing.
These renovations resulted in a 20% reduction in electricity costs, a 19% reduction in oil costs and a 52% reduction in water costs since acquisition.
Fairstead Management’s Social Services team forged partnerships with the local precinct Neighborhood Coordination Officers, Goddard Riverside and Down to Earth Markets to bring a seasonal farmers market to the neighborhood that provided local employment opportunities and better access to fresh produce. The Social Services team also improved resident services in assisted home care, the 2020 Census, job engagement and senior and disability rent arrears resolutions. Additionally, the team curated targeted resident events including a Holiday tree lighting ceremony, summer social events and group fitness classes.