Fairstead Capital Completes $315 million Purchase of Harlem's Savoy Park Apartments

HARLEM, NY — Fairstead Capital closed a deal to purchased the Savoy Park Apartments in Central Harlem for $315 million, according to a Monday press release.

The Savoy Park Apartments contain 1,790 multi-family, rent-stabilized units spanning 10.5-acres, according to the press release. The complex is made up of 16 different seven-story buildings. Fairstead Capital spokesman Tom Nolan confirmed the details of the purchase with Patch.

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Fairstead Capital said that the purchase of the Savoy Park Apartments represents a commitment to affordable housing in New York. The investment firm is planning on keeping the units within the Savoy Park Apartments affordable until at least 2052, according to the press release.

The firm is also planning on making improvements to the property such as, "upgraded security systems, improved public spaces and landscaping and modern renovations to all interior common spaces," according to the release.

Fairstead Capital spokesman Tom Nolan told Patch that the firm has no further comment about the improvement projects.

[Photo: Fairstead Capital]