Fairstead Gets $33M Loan for Hell’s Kitchen Apartment Building
Fairstead has nabbed $32.9 million from NYC Partnership Housing Development Fund Company to fund its purchase of an apartment building at 414 West 48th Street in Hell’s Kitchen, according to New York City Department of Finance records filed last week.
The loan goes towards Fairstead’s purchase of the five-story walk up, which was previously held by Brooklyn-based E&M Associates. The purchase price could not immediately be ascertained.
The sale closed on August 14, records show.
NYC Partnership Housing Development Fund Company is an affiliate of non-profit NYC Housing Partnership, which aims to assist in the development, promotion and rehabilitation of affordable housing in the city. Its website reads that it’s considered a “one stop shop” for affordable housing, with a goal to create and preserve at least 5,000 units each year through its various programs.
Built in 1930, the 58,000-square-foot property at 414 West 48th Street sits on a 15,000-square-foot lot, includes 54 residential units and has roughly 33,015 square feet of unused development space, according to information from PropertyShark. It was last renovated in 1980.
A representative for The Housing Partnership did not immediately respond to an inquiry. An official at Fairstead was not immediately available for comment.