search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loanMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loan
New York

Washington Heights church strikes deal with developer

 
The Rocky Mount Baptist Church has finalized a deal with the North Manhattan Construction Corporation to get a new 15,000-square-foot church in its Washington Heights location. In exchange, the firm will build 100,000 square feet of rental housing at the property’s rear.

The property, which the church bought for $140,000 in 1980, was sold to the construction company for $6.4 million, according to the Post. The paper also reported that the church was recently sued by the brokerage Deborah A. Schwartz Real Estate for $192,000 in commission. 

The construction company beat out three other developers for the project with a bid that includes building the new church at-cost. It will also reserve 15 units in the 75-unit, 16-story residential complex for affordable housing and build an 11,000-square-foot community space.

Sign Up for the undefined Newsletter

Architectural firm Johnson Jones will design the church, while architect Mario A. Canteros will design the residential building.

The church sought a deal with a developer because it could not afford the expensive repairs needed for the aging structure.

As The Real Deal reported in December, several are churches are turning to developers as they mixed-income and sometimes mixed-use properties on church land. TRD