Upper West Side Catholic school latest nonprofit to be sold

Tamarkin buys St. Agnes Boys High School for $50M

New York /
Oct.October 06, 2014 04:00 PM

Cary Tamarkin’s architecture and real estate development firm paid $50 million to the Archdiocese of New York for an Upper West Side church property.

Tamarkin Co. bought the six-story building at 553-559 West End Avenue, at the corner of 87th Street, according to public records. The building, with an alternate address of 555 West End Avenue, was previously home to the St. Agnes Boys High School, a Catholic school run under the auspices of the Archdiocese. The seller was listed as St. Joseph’s Seminary and College.

Massey Knakal Chairman Bob Knakal and Hall Oster brokered the deal.

Knakal said while the land market has been “on fire,” the redevelopment market is equally hot. “Developers are very, very optimistic about the future of the market,” he said. “Effectively, these folks are making bets on what they think the market will be like in two, two and a half years.”

Built in 1919, the limestone and brick building housed St. Agnes from 1990 until last year. With 41,561 square feet above ground, the building was sold for nearly $1,200 per square foot. The property also has approximately 39,000 square feet of additional air rights.

The property is the latest for Tamarkin’s portfolio, which includes the boutique condo at 456 West 19th Street and the 15-unit building at 508 West 24th Street in Chelsea.

Meanwhile, the development boom has been good to religious organizations.

Earlier this month, the Landmarks Preservation Commission approved the Mount Pleasant Baptist Church’s plan to add seven floors, and up to 10 apartments, at 140 West 81st Street. Also on the Upper West Side, Congregation Shearith Israel is looking to expand its four-story building at 8 West 70th Street to nine stories with four full-floor residences. Meanwhile, 17 and 21 Monitor Street in Greenpoint are being developed into residences; 17 Monitor will have 69 units and 21 Monitor will have 15.

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