Bowery Residents Committee pays $10.4M for homeless development in Inwood

Bowery Residents Committee through the entity BRC Inwood I Housing Development Fund Corporation paid $10.4 million to Cheney Vasquez through the entity 3966 Parking, Inc. for industrial (G2) at 3966 10th Avenue in Inwood, Manhattan. Bowery Residents plans to develop a 120-bed homeless shelter at the site, according to property records.
At the same time, Bowery Residents borrowed a total of $12.4 million composed of $6.7 million from Citibank and $5.7 million from Nonprofit Finance Fund.
The deal closed on November 3, 2021 and was recorded on November 22, 2021.
The property has 4,500 square feet of built space and 55,655 square feet of additional air rights for a total buildable of 60,151 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,311 and the price per buildable square foot is $172 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Cheney Vasquez was Cheney Vasquez. The signatory for Bowery Residents Committee was Lawrence Rosenblatt.

The contract date was September 10, 2019. The parcel is to be developed into a 120-bed homeless shelter.

Within a 400-foot radius of 3966 10th Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.

One of those three items was a loan which Shapour “Paul” Sohayegh borrowed $9.4 million from Morgan Stanley secured by the 68,670-square-foot, 78-unit rental (D1) on 514 West 211th Street on August 10, 2020.

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