Gouverneur Gardens co-op signs $69.7M rehab construction loan in Lower East Side

The Gouverneur Gardens cooperative through the entity Gouverneur Gardens Housing Corporation as borrower signed a rehab construction loan with lender New York City Housing Development Corp. valued at $69.7 million for five co-op buildings including the 145-unit co-op (D4) at 305 Madison Street in Lower East Side, Manhattan, 211-unit co-op (D4) at 305 Madison Street in Lower East Side, Manhattan, and 141-unit co-op (D4) at 305 Madison Street in Lower East Side, Manhattan.
The deal closed on June 30, 2021 and was recorded on September 1, 2021.
The five properties have 925,495 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $75 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 Gouverneur Gardens cooperative was Sam Moskowitz. The signatory for New York City Housing Development Corp. was Ruth Moreira.

This is a Mitchell-Lama cooperative complex that opened in 1965.

Within a 400-foot radius of 305 Madison Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was an initial temporary certificate of occupancy issued on July 27, 2020 for the $2 million renovation of an office building with no residential units at 269 Henry Street.

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