Bowery Residents’ Committee signs $43.3M construction loan for shelter in Inwood

Bowery Residents’ Committee through the entity BRC Inwood I Housing Development Fund Corporation as borrower signed a new construction loan with lender UMB Bank valued at $43.3 million for a new 29,834-square-foot shelter at 3966 10th Avenue in Inwood, Manhattan.
The deal closed on May 2, 2023 and was recorded on May 9, 2023.
On the tax block, there was one new building construction project filed totaling 29,834 square feet. It is a 12-unit, 29,834 square-foot hotel/dormitory/shelter (R-1) building submitted by Bowery Residents’ Committee with plans filed August 3, 2022 and permitted March 16, 2023.
The owner bought the property on November 3, 2021, for $10.4 million. The signatory for Bowery Residents’ Committee was Lawrence Rosenblatt.

Prior sales and revenue

The 4,500-square-foot property generated revenue of $138,778 or $31 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Inwood 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 a PincusCo analysis of city data. The parcel has frontage of 99 feet and is 100 feet deep with a total lot size of 9,992 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $698,000. The most recent loan totaled $12.4 million and was provided by Nonprofit Finance Fund on November 3, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $300 in OATH penalties in the last year.

The neighborhood

In Inwood, The bulk, or 43 percent of the 15 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 34 percent of the space. In sales, Inwood has near average sales volume among other neighborhoods with $361.9 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Inwood has 2.2 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 251,256 square feet of the 341,803 square feet. The largest owner is NYC Department Of Education, followed by Bowery Residents’ Committee and then Add Samaroo Realty.
On the tax block, there was one new building construction project filed totaling 29,834 square feet. It is a 12-unit, 29,834 square-foot hotel/dormitory/shelter (R-1) building submitted by Lilia Marini-Calves with plans filed August 3, 2022 and permitted March 16, 2023.

The majority, or 59 percent of the 341,803 square feet of built space are specialty buildings, with walkup buildings next occupying 37 percent of the space.

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