Staten Island’s Park Hill Apartments complex sells for $364M after years of tenant complaints
Park Hill Apartments, Staten Island, NY
By: Julianne Cuba – Source: Crain’s New York Business
A long-troubled apartment complex on Staten Island has traded hands for more than $360 million in a blockbuster deal for the borough, records show.
Park Hill Apartments on Staten Island (February 20, 2026) — A joint venture of real estate firms the Arker Companies, L+M Development Partners and LIHC Investment Group, officially closed in December on its $364.7 million acquisition of the forgotten borough’s Park Hill Apartments. The deals appeared as three separate transactions in the city register and the Richmond County clerk’s office this week and were first reported by PincusCo.
Alexander Arker, principal of the third-generation family-run Arker Companies, signed the paperwork on behalf of the buyer through the entities Park Hill Housing Development Fund Corp. and St. George Plaza Housing Development, records show.
The seller of the 1,103-unit complex, located at 140-180, 185-225 and 240-280 Park Hill Ave., was Delshah Capital, which had owned the apartments for more than 20 years. Michael Shah, founder and CEO of the firm based near Union Square, signed the paperwork on behalf of the seller.
Tenants have long complained about conditions at the eight building federally-subsidized housing complex, logging nearly 2,000 complaints with the city’s Department of Housing Preservation and Development over the last several years for issues such as roaches, mice and a lack of hot water and heat.
“For far too long, the residents of Park Hill have been forced to live with neglect, disrepair, and conditions no community should ever have to accept,” Council member Kamillah Hanks, who represents the Staten Island neighborhood, told local newspaper the Staten Island Advance about the complex last year.
SOURCE: Crain’s New York Business
ABOUT LIHC INVESTMENT GROUP Led by Charlie and Andrew Gendron, LIHC Investment Group has grown to become one of the most respected real estate investment groups in the industry. The firm holds an ownership interest in more than 35,500 units of multifamily housing nationwide, the vast majority of which is affordable. Our expertise in preservation transactions means we know how to work creatively and deliver results that benefit owners, investors, tenants and the community.
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