"After years of tenants begging for basic heat, hot water and relief from pests, Park Hill Apartments in Clifton finally has a new owner and a very large price tag. The eight-building, HUD-subsidized complex on Staten Island changed hands late last year for roughly $364.7 million, with the buyers promising a top-to-bottom rehab funded by a mix of public and private money."
"Sale recorded to Arker, L+M and LIHC City property records show that a joint venture led by The Arker Companies, L+M Development Partners and LIHC Investment Group closed on Park Hill in December 2025 for $364.7 million. Those records and reporting from Crain's New York Business list the buyer entities as Park Hill Housing Development Fund Corp. and St. George Plaza Housing Development and show Michael Shah signing paperwork for seller DelShah Capital while Alexander Arker signed for the buyer."
Park Hill Apartments in Clifton, Staten Island, changed ownership in December 2025 for about $364.7 million. The complex comprises eight six-story buildings spanning roughly 1.1 million square feet and approximately 1,117 residential units. The property participates in HUD's project-based Section 8 program. A joint venture led by The Arker Companies, L+M Development Partners and LIHC Investment Group closed the deal and pledged a top-to-bottom rehabilitation funded by public and private sources. The sale follows nearly 2,000 complaints about roaches, mice and chronic heating and hot-water outages, leaving residents awaiting tangible repairs.
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