130 acresNumber of Units:
Parkchester was built between 1939 and 1942 by Met Life as high quality middle-income rental housing, in a self-contained mixed use pedestrian environment. At the time, Parkchester was one of the largest privately-built planned communities in America. The entire complex is comprised of 171 buildings with 12,271 apartments, retail space (including the first branch of Macy's) and five garages in a 130-acre park-like setting in the Bronx.
By 1995, after decades of neglect, the once lovely grounds of the renowned development had deteriorated substantially. CPC Resources, a subsidiary of The Community Preservation Corporation, and its partners, real estate developers Morton Olshan and the late Jeremiah O’Connor, formed the Parkchester Preservation Company (“PPC”) to lead the Parkchester renovation effort.
In 1998, PPC acquired the unsold condominium units (6,382 units) in Parkchester along with the commercial space and developed a plan for its rehabilitation. The $250 million, 6 year restoration of Parkchester has spurred the revitalization of the entire community.
Olshan Properties provides leasing, property management and asset management services on behalf of PPC.