Hotel owner signs $8M construction loan for women’s shelter in Greenwich Village

One-time hotel owner Shepard Morgan through the entity St. Claire Builders & Contractors, Ltd. as borrower signed a renovation construction loan with lender Low Income Investment Fund valued at $8 million to develop a women’s shelter at the former hotel building (H3) at 27 West 11th Street in Greenwich Village, Manhattan.
This is a renovation and change in use of the Larchmont Hotel, a former boutique budget hotel.

The nonprofit Project Renewal, “plans to operate a 90-bed shelter for single adult women at 27 West 11th Street in Manhattan. Residents of the shelter will be women who are eligible for employment and transitioning to permanent housing.”
The deal closed on September 30, 2024 and was recorded on October 4, 2024. The property has 20,184 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $396 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 Shepard Morgan was Shepard Morgan.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Shepard Morgan, head officer and Shephard Morgan, officer. The business entity is St Claire Builders & Contractors.

The property

The hotel building with 10 residential units in Greenwich Village has 20,184 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 103 feet deep with a total lot size of 4,130 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $4.9 million. The property has 6 rent regulated units according to city tax records from 2023.

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 not received any significant violations in the last year.

Development

On the lot, there is one active major alteration construction project, 121209101, for a 52-unit, 20,184 square-foot R-2 building. The project was submitted by Shepard Morgan with plans filed December 23, 2020 and permitted December 30, 2022.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.6 times the average sales volume among other neighborhoods with $899.8 million in sales volume in the last two years and is the 9th highest in Manhattan. For development, Greenwich Village has 2.6 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 21 commercial properties representing 131,235 square feet of the 377,766 square feet. The largest owner is Charles Alpert (271), followed by Eun Rae Jo and then Robert Gitto.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 377,766 square feet of built space are specialty buildings, with elevator buildings next occupying 32 percent of the space.

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