Morningside Gardens co-op with 982 units borrows $51M from Principal Life

Morningside Gardens co-op through the entity Morningside Heights Housing Corporation as borrower signed a loan agreement with lender Principal Life Insurance Company valued at $51.0 million for 1 parcel, including the tax class cooperative (D4) and containing 982 residential units at 80 La Salle Street in Morningside Heights. The deal closed on December 1, 2020 and was recorded on December 10, 2020.
The property contains a total of 1,288,976 square feet of built space. The property has 1,288,976 square feet of available development rights.
The average loan per unit is $51,935.
The financing includes a $19.4 million gap loan.
Over the past five years, there have been 69 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $240,000. There were 66 renovation/alteration projects (A2) applied for with a total estimated value of $10,619,452.

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