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Parkchester

Parkchester

History

In July 1938, Metropolitan Life Insurance announced that it would immediately commence construction of “a self-contained … apartment community” that would include commercial and recreational facilities, 66 acres of open landscaped space, as well as a central heating plant and 51 building clusters, comprising 171 building entrances.  The entire complex would cover 129 acres, only 27% of which would be built on. Richmond H. Shreve, whose firm had designed the Empire State Building, created the plans for the complex

In the area of the complex nearest Hugh Grant Circle  the developers created a shopping center of over 500,000 square feet, largely integrated into the residential structures, but also including the first branch of Macy’s outside the flagship at Herald Square.

Parkchester Timeline

1938
1940
1941
1943
1968
1972
1986
1998
1999
2000
2005
2008
2010
2015
MetLife Acquires the Site

MetLife Acquires the Site

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.

Construction Completed on South Quadrant

Construction Completed on South Quadrant

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

Construction Complete

Construction Completed

Construction of the Parkchester development was completed.

Full Occupancy

Full Occupancy

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

Open Occupancy Pledge

Open Occupancy Pledge

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

Parkchester North

Parkchester North Condominium

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.

Parkchester South

Parkchester South Condominium

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.

PPM

Parkchester Preservation Management

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.

Renovation

Renovation Begins

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

NORC

Parkchester NORC Established

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.
Modernization Complete

Modernization Program Completed

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.

Central Dispatch

Centralized Dispatch

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

70th Anniversary

Parkchester Celebrates 70 Years

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

Department of Public Safety

Public Safety Department

Parkchester creates a unified public safety department with the same standards of training as NYPD.

Coronavirus Alert for Parkchester ResidentsRead More
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