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Deals & Dealmakers

Affordable housing fund pays $110M for Hell’s Kitchen building

An affordable housing fund has purchased a building in Hell’s Kitchen for $110 million, according to city records published today.

Standard Communities, the affordable housing division of Standard Property Company, 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 transaction preserved the property as affordable housing for the long term, with 150 units reserved for low income families, according to a press release from Standard Communities.

The purchase marks the sixth property, totaling 1,025 apartments, that Standard Communities has acquired and preserved as long-term affordable housing in the U.S. in the last six months, all without the use of public funds, according to the company.

The purchase was backed by a HUD-insured mortgage of $93 million that was obtained through Walker & Dunlop, according to public records. The “Polyclinic Apartments” are a Federal Housing Administration (FHA) project.

The building was purchased from 341-363 West 50th Street Redevelopment Company, L.P. 

The 16-story building in Hell’s Kitchen was built in 1965 and has 145 rental units.

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