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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
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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
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