Westhab pays $15.9M to United Service Workers Union for shelter site in Briarwood

Westhab through the entity 138-50 Qb Housing Development Fund Corporation paid $15.9 million to United Service Workers Union through the entity Briarwood 138-50 Real Estate Corp. for office building (O2) at 138-50 Queens Boulevard in Briarwood, Queens.
The parcel is slated to be developed as a homeless shelter.
At the same time Westhab obtained a $35.9 million construction loan from UMB Bank.
This includes a $16 million acquisition loan. A homeless shelter is slated to be built at this location, which some in the the community opposed.
The deal closed on December 10, 2021 and was recorded on December 28, 2021.
The property has 32,000 square feet of built space and 28,000 square feet of additional air rights for a total buildable of 60,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $497 and the price per buildable square foot is $265 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 United Service Workers Union was William Sweeney. The signatory for Westhab was Richard Nightingale.

There has been one demolition project filed for the parcels over the past five years. One of the projects were to change the building from a COM to a R-1.
Richard Nightingale is the president and CEO of Westhab. United Service Workers Union is located at the same location as seller LLC and William Sweeney is its treasurer.

Within a 400-foot radius of 138-50 Queens Boulevard, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which RJ Capital Holdings borrowed $8.1 million from Bank Leumi secured by the 3,075-square-foot, three-unit retail building (K1) on 138-43 Queens Boulevard and one other property on July 1, 2021.

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