Will Blodgett leaves Fairstead to start a new real estate company – Business Observer
Fairstead co-founder Will Blodgett leaves the company to create a new real estate investment company, called Tredway, learned Commercial Observer.
Like Fairstead, Tredway will focus on acquiring, preserving and developing affordable housing across the country. Blodgett noted that he has built or maintained 30,000 apartments over the past 10 years and hopes to double or triple that number over the next decade. When it comes to where he’s looking to invest, “we’re going to be geographically agnostic,” he said. Fairstead owned approximately 14,000 apartments in 18 states in May 2021.
He told Commercial Observer he left Fairstead in September hoping to focus on “a new challenge”. He added: “I’m incredibly proud of what we’ve built there, and I’m just really excited to go climb my own mountain.” The 38-year-old declined to comment further on his departure from the company he co-founded seven years ago with Jeffrey Goldberg after passages to Related companies and the New York City Housing Authority.
Blodgett explained that he named his company “after Alfred Tredway White, who said that housing and its environment is the main component of upward social mobility. I am obsessed with solving the complexity of housing people on a large scale in such a way as to provide great opportunities.”
His tenure at Fairstead included converting the Park 79 Hotel in the Upper West Side for affordable housing for seniors, the $315 million acquisition and renovation of the Park Savoy Apartments in Harlem, and the acquisition and renovation of 1,200 Section 8 apartments throughout New York City. Fairstead did not immediately return a request for comment on Blodgett’s decision to leave.
White, who died in 1921, was a late 19th-century housing reformer and early developer of Brooklyn Heights who built what he called “the most advanced apartment buildings in the world.” His properties – which featured toilets, fireplaces and tall windows in the unit – include the Apartments by the river at the corner of Columbia Place and Joralemon Street, and the Cobble Hill Towers and Hospitality buildings at Baltic and Hicks streets. He also built the now exclusive Warren Place Mews, a row of workers’ cottages with a common English courtyard.
Rebecca Baird-Remba can be reached at [email protected].