St. Margaret’s House signs $64.5M refi with Greystone & Co. for 251-unit building in Financial District

St. Margaret’s House in partnership with Trinity Church Wall Street through the entity St. Margaret’s House Housing Development Fund Corp as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Funding Company LLC valued at $64.5 million for the 251-unit residential elevator building (D3) at 49 Fulton Street in Financial District, Manhattan.
The deal closed on February 28, 2023 and was recorded on March 9, 2023. The property has 208,576 square feet of built space and 204,400 square feet of additional air rights for a total buildable of 412,930 square feet according to PincusCo analysis of city data. The loan price per built square foot is $309 and the price per buildable square foot is $156 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 St. Margaret’s House and Trinity Church Wall Street was Susan Hewitt.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development include Susan Hewitt, head officer and Matthew Knisely, officer. The business entities include St. Margaret’s House Housing Development Fund Corp.

The property

The 49 Fulton Street parcel has frontage of 186 feet and is 205 feet deep with a total lot size of 41,293 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $39.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $8,690 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 208,576 square feet of built space are elevator buildings.

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