Homeless investor signs $17.1M refi loan with Bear Creek for 21-unit shelter in Clinton

A homeless investor through the entity 427 West 52nd Propco LLC as borrower signed a refi loan with lender Bear Creek Asset Management through the entity BCTH Investors LLC valued at $17.1 million for the 21-unit shelter at 427 West 52nd Street in Clinton, Manhattan. This building has been operated as a homeless shelter, known as the 52nd Street Women’s Center, through the nonprofit Care for the Homeless.
The deal closed on August 31, 2021 and was recorded on September 9, 2021.
The property has 35,854 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $476 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 owner bought the property on 7/9/21, for $25.2 million.
The signatory for the owner was Yoel Zagelbaum.
(123582783)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 21 residential units on March 28, 2019.

Within a 400-foot radius of 427 West 52nd Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were two initial temporary certificate of occupancy issuances for projects that initially costed $22.1 million. The most recent of these two items was the temporary certificate of occupancy on January 5, 2021 for a 4,339-square-foot B building with no residential units at 441 West 53rd Street.
Of those five items, two were sales above $5 million totaling $22.8 million. The most recent of the two was Acro 416 W 52nd Street LP which bought eight condo units in the 1,418-square-foot, 156-unit condo building (R4) on 416 West 52nd Street and 0 other properties for $16.4 million from Gaia Real Estate on April 7, 2021.
One of those five items was a loan which Sudhakar Rayapudi borrowed $9.5 million from New York Community Bank secured by the 12,000-square-foot, 14-unit rental (C7) on 801 9th Avenue and two other properties on February 22, 2021.

CORRECTION: Updated on November 1, 2021, to correct that the building is not a rental building, but is a homeless shelter operated by Care for the Homeless.

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