PS 109
Harlem, NY
Coalition to Save P.S. 109 comment: It seems strange that Raymond Plumey estimated the construction costs of restoring P.S. 109 as a school at $24,300,000 (see his Preliminary Architectural Feasibility Study), but in this document, the conversion of the building to work/space housing, requiring a full-featured kitchen and bathroom in each of 64 apartments with massive associated plumbing, to name just one costly problem, is here estimated at only $14,082,750, more than 40% less! (See "Construction Cost", below. Where exactly is the line between low-balling and actual fraud?)
 


SOURCES AND USES

Construction Sources          per DU        % of total
    Construction Bond Amount        $10,700,000        $164,615        51.48%
    HDC Second Mortgage        $3,575,000        $55,000        17.20%
    FHLB AHP        $0        $0        0.00%
    Tax Credit Equity        $4,050,218        $62,311        19.49%
    Limited Partner Equity-LIHTC                          0.00%
    Developer's Fee        $2,459,686        $37,841        11.83%
    Cash Equity        $0        $0        00.00%
            
      
        
 
          TOTAL SOURCES        $20,784,904        $319,768         
 
Permanent Sources                    
    HDC First Mortgage        $3,255,000        $50,077        15.66%
    HDC Second Mortgage        $3,575,000        $55,000        17.20%
    FHLB AHP        $0        $0        0.00%
    Tax Credit Equity        $4,414,985        $67,923        21.24%
    Limited Partner Equity-LIHTC        $6,960,191        107,080        33.49%
    Deferred Developer's Fee        $947,212        $14,572        4.56%
    GP Capital        $1,632,516        $25.116        7.85%
            
      
        
 
          TOTAL SOURCES        $20,784,905        $319,768         
 
Uses                    
    Acquisition Cost        $1        $0        00.00%
    Construction Cost        $14,082,750        $216,658        67.75%
    Soft Cost        $4,242,467        $66,269        20.41%
    Developer's Fee        $2,459,686        $37,841        11.83%
            
      
        
 
          TOTAL USES        $20,784,905        $319,768         


NYC Housing Development Corporation      04/05/06