St. Nicholas Apartments in September 2015 as a part of a nine-property, 905-unit portfolio located throughout Manhattan and Brooklyn. This acquisition was symbolic for its preservation of affordability while the property was on the verge of conversion to market-rate housing. St. Nicholas is a 100% affordable Section 8 property located in Harlem, NY and consists of 112 multifamily apartments, providing a home for residents earning at or below 50% of the area median income. In addition, St. Nicholas was built in the 1920’s and hadn’t been renovated since 1982, resulting in a large amount of deferred maintenance prior to Fairstead’s acquisition. Fairstead’s preservation plan greatly improved the quality of life for residents by reducing the property’s carbon footprint and enhancing on-site amenities. The project involved a full tenant-in-place rehabilitation of all units and common areas, including: the replacement of roofing and façade, replacement of boiler systems, installation of free Wi-Fi for all residents, renovation of hallways and community room, installation of new kitchens and baths, new Energy Star appliances, low-flow water fixtures, new security system, retrofitting of LED lighting throughout the building and UFAS accessibility upgrades.
These renovations resulted in an estimated gas savings of 17%, an estimated water savings of 40% and an estimated electricity savings of 13%.
Fairstead Management’s Social Services team forged partnerships with the local precinct Neighborhood Coordination Officers, 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.