Last time that we heard anything about the former P.S 64 and CHARAS/El Bohio community center, the owner, developer Gregg Singer, was being sued by his investors.
The Real Deal in late December reported:
The asset manager said it and the other investors put almost $8 million worth of debt and equity into the project, and after paying off the defaulted mortgage the development partnership took out a $22 million bridge loan at 11 percent interest, guaranteed by Onyx.
Despite earlier reports that Singer had signed the West Village’s Ballet School as a tenant, however, progress at the site struggled, and in July the company defaulted on the loan, kicking the interest rate up to 16 percent.
Singer apparently remains committed to converting the long-empty building that extends from Ninth Street to 10th Street between Avenue B and Avenue C into dorms.
The Commercial Observer reported last week that "Madison Realty Capital has provided a $44 million loan to Gregg Singer’s Singer Financial Corporation to recapitalize a student housing development."
“There is a shortage of quality student housing options in Manhattan,” Joshua Zegen, a managing principal and a co-founder of MRC, said in prepared remarks provided to COF. “Our financing of this project will help the borrower tap into that demand and turn a vacant building into a thriving housing option for students residing in New York City. This new development will provide a brand new student living facility with contemporary amenities, right in the heart of the East Village, one of the most artistic and diverse communities in the city.”
The article notes the new dorm will house 535 students, and include outdoor spaces for them.
It's like 2013 all over again. Or maybe 2009.
More than three years ago there were reports that both Cooper Union and the Joffrey Ballet were leasing space here for students.
It is not known — publicly anyway — if Singer has any signed leases for the space, which still needs approval from the city to renovate. (A Stop Work Order remains on the property, dated from last August.) Singer did not comment in the Observer story.
Singer bought the formerly city-owned building on East 9th Street between Avenue B and Avenue C in 1998 for $3.15 million. There has been a movement to return the building to use as a cultural and community center.
Previously on EV Grieve:
Rebranded P.S. 64 up for grabs: Please welcome University House at Tompkins Square Park to the neighborhood
Deed for 'community facility use only' at the former P.S. 64 now on the market
Efforts continue to fight the dorm planned for the former PS 64 on East 9th Street
The Landmarks Preservation Commission approves application for modifications at PS 64
'Misinformation' cited as DOB issues Stop Work Order at the former PS 64; community meeting set for Sunday afternoon
Development drama continues at the former P.S. 64, where the city approved dorm-conversion permits (again)
[Updated] The former P.S. 64 appears to be for sale
The latest PS 64 debacle: Investors sue Gregg Singer