Former hotel is now a homeless shelter
Shulem Herman has acquired 52-34 Van Dam Street in LIC from the Lam Group for $36.5 million, according to CO. The former hotel now serves as a homeless shelter for around 154 families. It’s part of Mayor Bill de Blasio’s “Turning the Tide” plan to fight back against rising homeless rates.
Acquisition financing: Herman secured a $23.2 million mortgage from Sterling National Bank to close the deal.
Worth Noting: The Mayor has pledged to build 90 homeless shelters by 2022. There are still an additional 66 sites to be selected. The city recently updated the process for developers submitting proposals to build shelters. The old system asked for RFP’s for generic homeless shelters, whereas now the application must specify its specific use. Shelters designed for adults are advised to include medical services and those built for children should have educational components.