Andrew Freedman Home 4.23

The Andrew Freedman Home is a historic building constructed for Andrew Freedman that has been renovated into a hotel. It is a New York City Designated Landmark. The money to build it was bequeathed by Freedman. Located at 1125 Grand Concourse in Concourse, Bronx, New York City, the Andrew Freedman Home was designed as a retirement home for wealthy individuals who had lost their fortunes.The trust that operated the Andrew Freedman Home ran out of money in the 1960s. The home was reopened in 1983 for all elderly individuals, regardless of past financial status., the Andrew Freedman Home serves as a day-care center and event space.BackgroundDuring the Panic of 1907, Andrew Freedman, a self-made millionaire, came to the realization that he almost lost his entire fortune. He feared what would have happened to him in his later life without his wealth. As a result, he developed the idea of a charitable trust to build a home for older individuals who had lost their fortunes, where they could live in their retirements.When Freedman died in 1915, his estate was worth over $4 million. Samuel Untermyer served as executor of his estate.In his will, Freedman bequeathed money to build the Andrew Freedman Home at 1125 Grand Concourse in The Bronx. The home was intended to serve as a retirement home for "aged and indigent persons of both sexes", who had formerly been of "good circumstances" financially. Each resident lived at the Andrew Freedman Home rent free, and received free servants.