OPEX CRE was appointed receiver for ParkHill City, two landmark residential buildings comprising 538 rent-stabilized units in Jamaica, Queens. From day one, OPEX established operational control, restored building systems, enforced consistent accountability, and reintroduced both properties to the market while pursuing long-term value through tax recovery and upzoning.
ParkHill City entered court-appointed receivership in July 2025 with significant tenant delinquency, building systems in need of repair, outstanding NYC compliance requirements, and limited market visibility across both properties.
The receivership called for a clear mandate: stabilize operations, achieve compliance, enhance revenue, and create long-term asset value.
OPEX CRE executed a full-cycle receivership strategy focused on immediate operational control, consistent enforcement, and building-wide improvements. The work extended into leasing, tax strategy, and redevelopment feasibility to position ParkHill City for long-term value.
Following floor damage, the PHC1 amenity space was fully rebuilt to restore a welcoming shared environment for residents. Paired with new scent diffusers in lobbies and amenity areas and uniformed building staff, the refreshed spaces reflect a renewed standard of care across ParkHill City.
