Bentley Zhao is eyeing a property owned by a controversial church for a challenge he doubtless hopes shall be much less controversial.
New Empire is in contract to buy the property at 4 West forty third Road in Midtown Manhattan for $51 million, Crain’s reported. The deal will not be but finalized and requires approval from both a choose or the legal professional common as a result of the vendor, the Household Federation for World Peace and Unification, is a non secular nonprofit.
The deal for the seven-story, 73,000-square-foot workplace and occasions property breaks right down to about $699 per sq. foot. The contract was disclosed in filings with the Manhattan state Supreme Court docket.
Zhao’s plans for the property are unclear and he didn’t reply to a request for remark from the publication. However his agency is understood for its condominium developments throughout New York Metropolis, so a conversion appears doubtless.
A substitute for the property might span as a lot as 180,000 sq. ft for a residential constructing, contingent on attaining zoning bonuses doubtless tied to inexpensive housing.
The Unification Church, additionally referred to as the Moonies in reference to its founder, tasked an Avison Younger staff with selling its one-time headquarters area two years in the past. The constructing sits near Bryant Park, not an space recognized for its residential high-rises, however pitched as a conversion candidate in any case.
The constructing was constructed within the late Eighteen Nineties and bought to Columbia College to make use of because the Columbia College Membership. In 1975, the Unification Church purchased the property for $1.8 million.
The church is usually embroiled in controversy, significantly over claims that members usually flip over what quantities to their life’s financial savings to the group. Final month, a Japanese courtroom revoked the church’s tax-exempt standing and moved to dissolve its holdings, which the church plans to attraction.
Two months in the past, Zhao filed demolition permits for 4 buildings in Kips Bay to make manner for a 14-story condominium challenge with roughly 130 models and ground-floor retail.
The filings got here after the agency’s $37.9 million acquisition of the assemblage, which holds 60 occupied market-rate rental flats and retail area.
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New Empire eyeing 130-unit Kips Bay condo plan
Unification Church pitches Bryant Park offices as resi conversion
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Historic DC church appears poised for redevelopment
