Postgraduate Center for Mental Health borrows $46M from state finance agency for development in Morrisania

The Postgraduate Center for Mental Health through the entity PCMH Washington Avenue, L.P. as borrower signed a loan agreement with lender New York State Housing Finance Agency valued at $45.6 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 972 Washington Avenue in Morrisania. The deal closed on November 6, 2019 and was recorded on November 20, 2019.

The Graduate Center purchased the site and air rights in 2016 for $3.4 million.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $100,000.There has been one new building permit application totaling 83,811 square feet. Those plans include a total of 107 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link