Shefa School signs $65.7M new construction loan with Build NYC in Lincoln Square

Shefa School as borrower signed a new construction loan with lender Build NYC through the entity Build Nyc Resource Corporation valued at $65.7 million for the parcel (W4) at 17 West 60th Street in Lincoln Square, Manhattan.
The deal closed on August 1, 2021 and was recorded on August 13, 2021.
On August 4, Shefa as tenant signed a ground lease memorandum with landlord Extell Development valued at $49.5 million.
The property has 76,511 square feet of built space and 0 square feet of additional air rights for a total buildable of 73,300 square feet according to PincusCo analysis of city data. The loan price per built square foot is $858 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 Shefa School was Ilana Ruskay-Kidd.
Over the past five years, there have been 4 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 $736,804.

Within a 400-foot radius of 17 West 60th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on March 26, 2021 for a 173,561-square-foot R-2 building with 123 residential units at 7 West 60th Street.
Of those six items, four were sales above $5 million totaling $69.0 million. The most recent of the four was Carousel (New York) Holdings LLC which bought one condo unit in the 5,325-square-foot, 165-unit mixed-use building (RM) on 1 Columbus Circle for $23.0 million from P.C. Grace Ny, LLC on June 10, 2021.
One of those six items was a loan which Related Companies borrowed $75.0 million from First Republic Bank secured by one condo unit in the 48,259-square-foot, 165-unit mixed-use building (RM) on 1 Columbus Circle on July 29, 2020.

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