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Debt & Equity

Goldman Sachs antes up $61M for Hudson Yards homeless venture

Covenant House, a not-for-profit organization serving homeless youth, announced a $61 million mortgage loan from Goldman Sachs Urban Investment Group to redevelop its existing facility, at 550 10th Avenue in the Hudson Yards neighborhood, in partnership with Gotham Organization.

Covenant House selected Gotham as its developer in 2018 to help the organization reimagine its facilities and develop a new footprint that combines a youth shelter, federally qualified health center, legal aid, educational services, counselling and job training services under one roof.

Gotham has commenced site preparations, including partial demolition of the existing facility to make way for the new 12-story institutional building, the first phase of the development plan.

The new, 80,000 s/f facility will improve and modernize Covenant House’s ability to serve youths in the greater New York City area.

The new Covenant House facility is expected to be completed in 2021.
Phase two of the plan will allow Gotham to purchase the balance of the existing site following Covenant House’s relocation into its new facility and to subsequently develop an approximately 42-story mixed-use, mixed-income residential high rise comprised of market rate and inclusionary housing.

The inclusionary units will be low to moderate income, with the balance being market rate.

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