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Conversion of Illegal Hotel to SRO Lands $38M Financing
Rockabill Development and Goddard Riverside recently closed on $38 million in financing to transform an illegal transient hotel on the Upper West Side into permanent supportive housing to serve single adults with a history of chronic homelessness as they recover from the trauma of living on the street.
Legally zoned for residential use, the single-room occupancy (SRO) property located at 235 W. 107th St. was operated as an illegal hotel by the prior owner. Formerly known as The Morningside Inn, it received more than $280,000 in fines from the Mayor’s Office of Special Enforcement over illegal use of the building dating back to 2012.
Rockabill and Goddard acquired the property in March 2021 with the goal of transforming the property into permanent supportive housing. Katie Devine, principal at Rockabill, said, “At a time when the need for high-quality supportive housing has never been greater, the responsible preservation of SROs is smart public policy and adds to the social safety net for extremely low-income New Yorkers.”
- ◦Development
- ◦Financing
