Nonprofit files plans for 191-unit affordable project in LES, second on block
145 Broome Street schematic rendering (Credit - Handel Architects) (1)
The affordable housing nonprofit Grand Street Guild through the entity Grand Street Guild East HDFC submitted a new building construction project for a 191-unit, 141,967 square-foot residential (R-2) building at 145 Broome Street in the Lower East Side, Manhattan. The plan was filed with the New York City Department of Buildings on April 30, 2024 under job number M01003420. It calls for the construction of a 16-story building. Michael Comerford, an attorney with the law firm Comerford & Dougherty, filed the plans. The architect is Handel Architects.
Grand Street Guild is wrapping up a slightly larger project on the same block, at 165 Broome Street with 232 units, that was filed in August 2019 under job number 121205926.
The property
The property has 10,477 square feet of built space and 150,855 square feet of additional air rights for a total buildable of 161,305 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 159 feet and is 147 feet deep with a total lot size of 26,795 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The most recent loan totaled $52.8 million and was provided by ORIX Real Estate on April 8, 2022.
Grand Street Guild 145 Broome Street M01003420
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | ACCESSORY STAFF BREAK ROOM, JANITOR'S CLOSET, BUILDER'S WORKSHOP, SUPER'S OFFICE, COMPUTER LAB, TEACHING KITCHEN | Apartment | 32 | Residential | 2B | |
| 2 | Cellar | STORAGE ROOMS, PANTRY, ATTICK STOCK STORAGE ROOM, ORGANIC ROOM | Storage of non combustible Materials | 17 | Storage | 2B | |
| 3 | Cellar | ACCESSORY TENANT BICYCLE STORAGE ROOM FOR 96 BICYCLES | Storage of non combustible Materials | 3 | Storage | 2B | |
| 4 | Cellar | COMMUNITY FACILITY | Business and Service | 36 | Business | 4A | |
| 5 | Cellar | ELEVATOR CONTROL ROOM | Business and Service | 1 | Business | 4A | |
| 6 | Cellar | PUMP ROOM, GAS METER ROOM, ELECTRIC ROOM, ATS CLOSET, TELECOM ROOM, ELEVATOR CONTROL ROOM, PIT ROOM, DETENTION TANK | Mechanical and/or electrical equipment room | 15 | Factory and Industrial | 2B | |
| 7 | Open Space | ACCESSORY TENANT ENTRY COURT | Apartment | 0 | Residential | 2B | |
| 8 | Open Space | ACCESSORY TENANT PLAYGROUND | Apartment | 0 | Residential | 2B | |
| 9 | Open Space | ACCESSORY TENANT SUNKEN GARDEN | Apartment | 0 | Residential | 2B | |
| 10 | 1 | ACCESSORY TENANT SENIOR SITTING ROOM | Apartment | 8 | Residential | 2B | |
| 11 | 1 | ACCESSORY CONFERENCE ROOM | Business and Service | 1 | Business | 2B | |
| 12 | 1 | ACCESSORY TENANT LAUNDRY ROOM | Apartment | 10 | Residential | 2B | |
| 13 | 1 | TRASH ROOM | Apartment | 2 | Residential | 2B | |
| 14 | 1 | ACCESSORY TENANT LIBRARY | Apartment | 9 | Residential | 2B | |
| 15 | 1 | STORAGE OOMS, AV CLOSET, PACKAGE ROOM | Storage of non combustible Materials | 6 | Storage | 2B | |
| 16 | 1 | MANAGEMENT OFFICE | Apartment | 3 | Residential | 2B | |
| 17 | 1 | ACCESSORY TENANT MULTIPURPOSE EXERCISE ROOM | Apartment | 18 | Residential | 2B | |
| 18 | 1 | ACCESSORY TENANT SENIOR SOCIAL SERVICES ROOM | Apartment | 3 | Residential | 2B | |
| 19 | 1 | ACCESSORY OFFICE | Business and Service | 1 | Business | 3B | |
| 20 | 2 | TRASH ROOM | Storage of non combustible Materials | 1 | Storage | 2B | |
| 21 | 2 | NINE (9) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 2A | 9 |
| 22 | 2 | ACCESSORY TENANT RESIDENTIAL LOUNGE | Apartment | 10 | Residential | 2B | |
| 23 | 2 | ACCESSORY TENANT GAME ROOM | Apartment | 17 | Residential | 2B | |
| 24 | 2 | ACCESSORY TENANT RESIDENTIAL TERRACE | Apartment | 4 | Residential | 2B | |
| 25 | 2 | LV CLOSERT, ELECTRICAL CLOSET | Mechanical and/or electrical equipment room | 2 | Factory and Industrial | 2B | |
| floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
Violations and lawsuits
According to city public data, the property has received $1,000 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The block
On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 490,181 square feet of the 517,531 square feet. The two identified owners are Grand Street Guild and NYC Economic Development. On the tax block, there were two new building construction projects totaling 912,959 square feet. The largest is a 232-unit, 770,992 square-foot residential (R-2) building submitted by Grand Street Guild and filed by Michael Comerford with plans filed August 12, 2019 and permitted June 16, 2022. The second largest is a 191-unit, 141,967 square-foot residential (R-2) building submitted by Michael Comerford with plans filed April 30, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Grand Street Guild owned at least four commercial properties with 800 residential units in New York City with 732,075 square feet and a city-determined market value of $124.3 million. (Market value is typically about 50% of actual value.) The portfolio has $223.3 million in debt, borrowed from Lument and ORIX Real Estate. Within the portfolio, the bulk, or 67 percent of the 732,075 square feet of built space are elevator properties, with D4 properties next occupying 32 percent of the space. They are all located in Manhattan.
The surrounding
Within a 400-foot radius of 145 Broome Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, one was in new building development. It was a new building permit issued on June 16, 2022 for a 274,188-square-foot residential (R-2) building with 232 residential units at 165 Broome Street. Of those three items, two were loans above $5 million totaling $159.2 million. The most recent of the two was L+M Development Partners which borrowed $40.7 million from Goldman Sachs and Morgan Stanley secured by two condo units in the 41,173-square-foot, 111-unit mixed-use building (RM) on 175 Delancey Street on January 5, 2023.
Direct link to the property’s ACRIS page and link to DOB NOW portal.