About this event
Located at 235 West 107th Street, The Morningside Inn—as it was formerly known—operated for decades as an illegal and transient hotel called until it was acquired by Rockabill and Goddard Riverside in March 2021. In line with its conversion to permanent housing, the building will be renamed in honor of Goddard Riverside’s former Executive Director Stephan Russo, who has dedicated his career to preserving New York City’s Single Room Occupancy (SRO) housing.
The property contains 84 single room occupancy (SRO) units that will be reconfigured to accommodate private bathrooms. Currently, only 41 of the 84 existing SRO units have private bathrooms, and the remaining 43 units have shared bathrooms. This reallocation of space will bring the number of homes in the building down to 68, plus one superintendent’s unit.
All told, 54 households will receive supportive services and be referred through New York City’s 15/15 rental assistance program; six affordable units will be made available through the city’s housing lottery, Housing Connect; and the remaining eight affordable units will serve existing long-term residents of the property, with rents ranging from $225 to $1,000 per month.
Each floor of the six-story building will be outfitted with two communal kitchens and dining areas which will be shared by between seven and 12 residents. In addition, the first floor and cellar will be renovated to create a community room and space for case management and social services, which will be managed by Goddard Riverside. Changes will also be made to ensure residents can access and enjoy the building’s east and north courtyards and to ensure the property is ADA compliant.
Other rehabilitation work includes elevator modernization, exterior façade repair, carpet removal, and the creation of a staff break room. The project will be certified and designed to Enterprise Green Community standards, including the implementation of a variable refrigerant flow (VRF) system for energy efficient heating and cooling.
Financing for the project includes a $14 million construction loan from JP Morgan Chase, a $12.4 million capital subsidy from the New York City Department of Housing Preservation and Development’s (HPD) Supportive Housing Loan Program (SHLP), $6 million in HPD Collegiate Funds, and $700,000 in Reso A funding from both Manhattan Borough President Mark Levine and Councilmember Gale Brewer.
The project will generate equity through the sale of 9 percent Low-income Housing Tax Credits (LIHTC) allocated by HPD and a permanent loan will be provided by the NYCERS Pension Fund with SONYMA
To Register Click HERE.