Edge Hotel

A NYCRC-managed entity provided a $17.5 million loan to help fund the construction of one of the first hotels to be built in Washington Heights in decades.

The capital was loaned to Edge Property Group to construct a 12-story, approximately 38,000 square foot mixed-use commercial building targeting the needs of nearby Columbia University Medical Center and New York Presbyterian Hospital. The loan helped finance the construction of a 54-room hotel as well as approximately 15,000 square feet of medical office space. The development is located within the Upper Manhattan Empowerment Zone, one of nine empowerment zones established to revitalize distressed communities by using public funds and tax incentives as catalysts for private investment. The financing helped bring much needed medical office space and hospitality options to Washington Heights.

“This is a good sign that the neighborhood is on the right track and that there are people who want to invest in it.”

– Congressman Adriano Espaillat

“There has long been a need for a hotel in this area where patients’ families can stay.”

– Kenneth Knuckles, CEO, Upper Manhattan Empowerment Zone