Goddard Riverside borrows $66M from NYC Housing Development for UWS multifamily property

Goddard Riverside through the entity Phelps House Associates, L.P. as borrower signed a loan agreement with lender New York City Housing Development valued at $65.7 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 169 residential units at 69 West 88th Street in the Upper West Side. The deal closed on December 1, 2019 and was recorded on December 31, 2019.
The property contains a total of 152,765 square feet of built space.
The average loan per unit is $738,583.
The last time an interest in the property sold was December 4, 2019, when Goddard bought out a partner’s interest valued at $18,010,113.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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