Trinity School signs $19.1M rehab loan for 200-unit Trinity House in Upper West Side

Trinity School through the entity Trinity Housing Company, Inc. as borrower signed a rehab construction loan with lender the NYC Housing Development Corporation valued at $19.1 million for three properties including the 200-unit Mitchell-Lama building Trinity House at 100 West 92nd Street in the Upper West Side, Manhattan, specialty building (W2) at 117 West 91st Street in Upper West Side, Manhattan, and specialty building (W2) at 640 Columbus Avenue in Upper West Side, Manhattan.
The deal closed on October 12, 2022 and was recorded on October 21, 2022.The three properties have 438,915 square feet of built space and 238,819 square feet of additional air rights for a total buildable of 484,679 square feet according to PincusCo analysis of city data. The loan price per built square foot is $43 and the price per buildable square foot is $39 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 Trinity School was Thomas Stanton. The signatory for NYC Housing Development Corporation was Ruth Moreira. “Trinity House, located at 100 West 92nd Street in Manhattan, is a Mitchell-Lama rental building with 200 units, inclusive of a garage. Built in 1969, the building’s public-interest owner is Trinity School, acting through the Trinity Housing Company. Trinity House is one of the last units of affordable Mitchell-Lama housing in the city.”

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 117 West 91st Street.

Prior sales and revenue

Out of the three properties, one with a total of 438,915 square feet of built space generated revenue of $5.5 million per year.

The property

The 117 West 91st Street parcel has frontage of 250 feet and is 201 feet deep with a total lot size of 48,933 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $45.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 10 housing violations in the last year.

The neighborhood

In Upper West Side, the majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has the 4th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Upper West Side has 2.4 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 117 West 91st Street, PincusCo has identified the owners of seven of the 19 commercial properties representing 38,512 square feet of the 357,210 square feet. The two identified owners are MSB Management and Abraham Oved.
There are no active new building construction projects on this tax block.

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