The development was acquired for $255 million, with total project costs projected at $500 million. Work will be funded through a mix of public and private financing, including New York State’s Housing Our Neighbors With Dignity Act (HONDA), New York City’s 15/15 Supportive Housing Initiative, HDC tax-exempt bonds, and HPD’s Supportive Housing Loan Program. Additional support includes financing from Wells Fargo, JPMorgan Chase, the Low Income Investment Fund, LISC Fund Management, and the Corporation for Supportive Housing. Historic and Low-Income Housing Tax Credits and transferable development rights have also been utilized.

The Stewart Hotel, a 31-story building shuttered since 2022, is anticipated to take around 24 months to complete renovation. Construction will include merging adjacent rooms to create apartments, replacing mechanical systems, installing LED lighting, and building on-site social services offices. Support services for residents, including seniors and formerly homeless individuals, will be provided by Breaking Ground through a partnership with the NYC Department of Health and Mental Hygiene.