Nonprofit, Highland Park Community Development Corp., has signed to occupy 119,467 square foot building, 52 William Street, located in the Financial District of Manhattan.
It appears the former Radisson Hotel New York Wall Street, which now has 289 rooms, will again be used as a shelter, as the Commercial Observer alluded in its report that revealed the news, citing property records.
The site was last used under the Eric Adams Administration in 2023 as a migrant shelter. Highland focuses on providing services, programs and shelter for the homeless or those at risk of entering that category, while working closely with NYC agencies in the process.
In New York City, homelessness has been a growing obstacle, with the category at its highest levels since the Great Depression, according to a report from the Coalition for the Homeless. As of February, more than 350,000 individuals were unhoused, with over 100,000 people sleeping in shelters each night, as noted in the report.
Overall, Highland operates eight shelters in the city, including the 52 William Street location.
Slate Property Group, which owns the 20-story building, paid $95 million to acquire it in 2017.
In addition to homelessness, the housing inventory has caused affordability issues. The housing shortage gap differs depending on who you ask. For example, Zillow estimates the shortfall to be 4.7 million units, with McKinsey projecting the shortfall to be much higher, at 8.2 million units in 2023 and potentially expanding to 9.6 million by 2035. And just this week, The White House reported that the nation is now short 10 million homes.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.