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FHA apartments fetch $110M.

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

HP Polyclinic Housing Development Fund, a New York-based nonprofit, purchased a residential building at 335 West 50th Street for $110.25 million. The purchase also included the address 363 West 50th Street.

The purchase was backed by a HUD-insured mortgage of $93 million, according to public records. The Polyclinic Apartments are a Federal Housing Administration (FHA) project.

The building was purchased from DVL Inc, a real estate and finance company based in Midtown. DVL did not respond to requests for comment.

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

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Author:Duttor, Holly
Publication:Real Estate Weekly
Date:Oct 18, 2017
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