Project Renewal pays $19.3M, gets $75M loan, for 200-room homeless dev in Lincoln Square

Project Renewal through the entity W59th Shelter Housing Development Fund Corporation paid $19.3 million to Manhattan Community Access for the specialty building at 537 West 59th Street in Lincoln Square, Manhattan.
To finance the transaction and development, Project Renewal through the entity W59th Shelter Housing Development Fund Corporation as borrower signed a new construction loan with lender Wells Fargo through the entity Wells Fargo Trust Company, valued at $75 million.
The deal closed on February 17, 2022 and was recorded on March 3, 2022.

The deal closed on February 17, 2022 and was recorded on March 3, 2022.
The property has a total buildable of 48,955 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $394 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 Manhattan Community Access was Dan Coughlin. The signatory for Project Renewal was Eric Rosenbaum.
Prior to this transaction, the buyer Project Renewal had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Manhattan Community Access had not purchased any other properties and had not sold any properties over the same time period.
(M00550178) Plans for a 200-unit, 51,328 square-foot homeless shelter (R-1) were filed on July 7, 2021.
In Lincoln Square, the majority, or 67 percent of the 30.8 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Lincoln Square has near average sales volume among other neighborhoods with $255.9 million in sales volume in the last two years and is the 30th highest in Manhattan. For development, Lincoln Square has had very little major development activity relative to other neighborhoods.It had 312,706 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 93 percent of the 431,007 square feet of built space are residential elevator buildings, with specialty buildings next occupying 7 percent of the space.
Within a 400-foot radius of 537 West 59th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit application filed on April 22, 2020 for the $676,631 renovation of 492,938-square-foot E building with 0 residential units at 524 West 59th Street.

Correction: A prior version of this story calculated the total buildable using the 6.02 FAR, not the 6.5 FAR with community facility.

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