The Real Deal New York

New York Public Library grows near flagship Fifth Ave. location

Church Pension Group sold eight condos for $34.5M

October 27, 2014 12:20PM
By Rich Bockmann

From left: The NYPL’s Stephen A. Schwarzman Building and 445 Fifth Avenue

The New York Public Library is expanding close to its main branch, purchasing a handful of commercial condos across the street from its Fifth Avenue research library, property records show. The library system paid $34.5 million for the properties.

The nonprofit, which operates 92 branch and research libraries in Manhattan, the Bronx and Staten Island, purchased the eight condos at 445 Fifth Avenue from the Church Pension Group, a financial services provider for the Episcopal Church, records filed with the city today show.

The units cover 74,000 square feet, according to the library.

The library closed on the $34.5 million deal at the end of September. The seller could not be reached for comment.

The library leased the space from the pension group in 2013, moving back-office workers in communications, finance and other departments from three other nearby buildings.

The building is next door to the Mid-Manhattan circulating library. Library officials decided to renovate that branch when they dropped a proposal earlier this year to turn the iconic Stephen A. Schwarzman Building between 42nd and 40th Streets into a lending library.