Elmo Realty has successfully secured $27.5 million in construction financing to develop a multifamily building on the site of a former historic church in West Harlem.
This project, located at 1763-1771 Amsterdam Avenue, will feature 126 studio apartments and will soon be operated by a homeless shelter. The loan was provided by Metropolitan Commercial Bank, marking a significant investment in the community.
Historic Significance of the Site
The property, situated between 147th and 148th streets, was previously home to the Childs Memorial Temple Church of God in Christ, where the funeral of civil rights leader Malcolm X was held in 1965. The church was demolished in 2017 after years of disrepair. Saba Vahdat, vice president at Elmo and lead developer for the project, expressed enthusiasm for the new development, stating, “We are very bullish on the entire Harlem area.”
Project Timeline and Future Prospects
Groundbreaking for the new development is scheduled for later this week, with construction expected to take approximately 18 months to complete. Upon completion, the eight-story building will be leased to a homeless shelter for nine years, providing vital support to the community.
Additional Developments in Harlem
This project is located just a mile north of another Elmo development at 2535 Frederick Douglass Boulevard, which will feature 53 units and 23,979 square feet of commercial space. Metropolitan Commercial Bank also provided financing for this project with a $26 million loan that closed in April 2023.
Commitment to Community Development
Vivek Baid, vice president of commercial real estate lending at Metropolitan Commercial Bank, highlighted the importance of their partnership with Elmo Realty, stating, “We have the other loan with Saba where she is doing a tremendous job, and we wanted to grow that relationship. She is committed to developing nicer assets in low- to moderate-income areas.” This commitment reflects a broader trend of investment in Harlem, aiming to enhance the community while addressing critical housing needs.
Photo credit: Elmo Realty.
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