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Goldman Sachs Delivers $61M for Covenant House NY’s Hudson Yards Redev
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Covenant House, a not-for-profit organization serving homeless youth, received $61 million from Goldman Sachs Urban Investment Group to redevelop its existing facility at 550 10th Ave. in Manhattan’s Hudson Yards neighborhood. The new 80,000-square-foot facility involves a partnership with developer Gotham Organization.
Gotham is helping reimagine facilities and promote better outcomes by developing a new footprint that combines a youth shelter, federally-qualified health center, legal aid, educational services, counseling and job training services under one roof. Site preparations are underway, including partial demolition of the existing facility to make way for the new 12-story institutional building, the first phase of the development plan.
The new purpose-built facility is moving forward under a phased development plan that ensures continued services and zero displacement of existing Covenant House residents.
Covenant House New York’s Sr. Nancy Downing says, “Now, for the first time in our history, we’ll be designing and building a new residential facility from the ground up.
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