The Archdiocese of New York is continuous to winnow down its actual property portfolio.
The Roman Catholic Church agreed to promote the Roman Catholic Church of Holy Title of Jesus and Saint Gregory the Nice at 200 West 97th Avenue on the Higher West Facet, the Business Observer reported. The deal is anticipated to shut within the spring, however will want court docket approval.
The contracted consumers are the Rockefeller Group and Atlas Capital Group, that are paying $96 million for the property. They plan to protect the church and rectory, however convert different elements of the power into housing.
The builders will make the most of the 485x tax abatement program, which mandates 25 p.c of the items constructed to be reasonably priced. The quantity of items set to be developed, nonetheless, was not disclosed. The challenge can also be anticipated to have residential facilities and retail area.
That is simply the most recent instance of the church shrinking its portfolio, partially in an effort to compensate victims of abuse from the clergy; in December, Cardinal Timothy Dolan instructed parishioners that the church would hold liquidating actual property to fill a widening monetary gap tied to settlements.
At the moment, the Archdiocese agreed to sell the bottom lease beneath the Lotte New York Palace for $490 million to the posh resort operator.
In July, the church unloaded its longtime headquarters at 1011 First Avenue to Vanbarton Group for $103 million; Vanbarton plans to convert the workplace tower to residential.
An Archdiocese spokesperson mentioned the 1011 First Avenue proceeds may be routed towards the worldwide settlement because the Church continues to mine its portfolio to satisfy obligations.
Atlas Capital is off to a busy begin this yr, having lately purchased the 13-story, 130-unit former “Pink Sq.” multifamily rental constructing at 250 East Houston Avenue for $112 million from Dermot Firm and Rockwood Capital.
In the meantime, the Rockefeller Group lately expanded into the Pacific Northwest with the acquisition of a brand new 187,000-square-foot warehouse.
Learn extra
Archdiocese offloads Lotte New York Palace ground lease to fund abuse settlements
Atlas Capital snaps up East Village multifamily for $112 million
Rockefeller Group plants first PNW flag with 187K sf warehouse in Arlington
