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.
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