Postgraduate Center for Mental Health borrows $8M from NYC HPD for multifamily property in Bedford-Stuyvesant

The Postgraduate Center for Mental Health through the entity PCMH 500 Gates Housing Development as borrower signed a loan agreement with lender NYC Housing Preservation and Development valued at $8.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 68 residential units at 500 Gates Avenue in Bedford-Stuyvesant. The deal closed on May 20, 2020 and was recorded on June 11, 2020.
The property contains a total of 40,440 square feet of built space.
The average loan per unit is $120,000.
The debt was assigned by Citibank to the city’s HPD. The last time the property sold was July 17, 2012, for $1,750,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 68 residential units on October 11, 2018.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $847,339.There has been one new building permit application totaling 40,500 square feet. Those plans include a total of 68 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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