History

Parkchester Timeline

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1938

Metropolitan Life Insurance Company acquired a 129-acre site from the New York Catholic Protectory (combination orphanage and reformatory) for the purposes of developing the Parkchester residential complex. Construction on the development commenced during the same year.
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1940

Construction on the south quadrant of the development was completed and the first 500 families moved into Parkchester in March of the same year.
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1941

Construction of the Parkchester development was completed.
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1943

All of Parkchester's 12,271 apartments were fully rented and occupied.
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1968

Metropolitan Life Insurance Company signed an "Open Occupancy Pledge" with the Commission on Human Rights in July, agreeing to modify its renting policies which historically had barred non-whites from residing at Parkchester. In September of the same year, Metropolitan Life sold the complex in its entirety, to a syndicate headed by Harry B. Helmsley, who promised to honor the "open occupancy pledge," enabling Parkchester to evolve into the wonderfully diverse and integrated community that it is today.
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1972

Parkchester North Condominium (PNC) was established as per the terms of an offering plan filed with New York State Department of Law and the apartments in the North Quadrant of Parkchester were converted to condominium ownership.
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1986

Parkchester South Condominium (PSC) was established as per the terms of an offering plan filed with New York State Department of Law and apartments in the South, East and West Quadrants of Parkchester were converted to condominium ownership.
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1998

All 6,362 unsold "sponsor" apartments located throughout every building in all four quadrants of Parkchester, were purchased by Parkchester Preservation Company, L.P., (PPC), a partnership formed by two experienced real estate investor / developers, Morton Olshan and the late Jeremiah O'Connor, and CPC Resources, Inc., a development subsidiary of the Community Preservation Corporation, a not-for-profit lender. With this purchase the legal designation of "Sponsor" was transferred from the Helmsley syndicate to PPC.
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1999

A $250 million dollar modernization initiative encompassing the entire Parkchester complex was commenced, which included many PPC, "Sponsor," funded improvements.
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2000

The Parkchester NORC Program, know as "PEP" (Parkchester Enhancement Program for Seniors) was established and began operating in December. The mission of the program is to address the needs of Parkchester's seniors (residents who are 60 years old and over) and provide services that enable them to remain living independently in their own apartments as long as possible. PEP is a collaboration of agencies led by Beth Abraham Health Services, Parkchester Preservation Company, LP, Parkchester Preservation Management, LLC., Bronx Jewish Community Council, and the Jewish Association for Services for the Aged. It is funded by the New York City Department for the Aging, Parkchester Preservation Company, LP, Parkchester South Condominium and Parkchester North Condominium.
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2005

Parkchester's multimillion dollar modernization initiative was completed, which included: new windows, new domestic hot and cold water supply lines and upgraded electrical systems in all 12,271 apartments, as well as extensive interior and exterior building restorations, rejuvenation of the on-site stores and shops, and full replacement of the North Ball Field.
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2008

The centralized Maintenance Service Dispatch Department was expanded to include the entire Parkchester complex.
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2010

Parkchester celebrated its 70th Anniversary in the spring of this year.