An affordable housing fund has purchased a building in Hellâs Kitchen for $110 million, according to city records published today.
HP Polyclinic Housing Development Fund, a New York-based nonprofit, purchased a residential building at 335 W. 50th Street on Oct. 4 for $110.25 million. The purchase also included the address 363 W. 50th Street.
The purchase was backed by a HUD-insured mortgage of $93 million that was obtained through Walker & Dunlop, according to public records. The âPolyclinic Apartmentsâ are a Federal Housing Administration (FHA) project.
The building was purchased from DVL Inc, a real estate commercial and finance company based in Midtown. DVL did not respond to requests for comment as of press time.
The 16-story building in Hellâs Kitchen was built in 1965 and has 145 rental units.
