Upper West Side Catholic school latest nonprofit to be sold

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

TRD 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.

Related Articles

arrow_forward_ios
TRD Talks Live

Watch tonight: Turning to tech on TRD Talks Live

(Credit: iStock)

Strong quarter for Manhattan home sales belies current struggle

Manhattan resi listings continue nosedive: report

Manhattan resi listings continue nosedive: report

252 East 57th Street and 196 Orchard Street with Samantha Sheeber and Tal Alexander

Closing in the time of Covid-19: “We’re pulling out all the stops”

Kuwait’s consul general in New York, Hamad Al-Hazeem and 50 United Nations Plaza (Credit: Google Maps)

Kuwait’s consul general buys 50 UN Plaza pad for $16M

Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay)

Fewer Canadians are searching for homes online amid pandemic

Massive stimulus package has limited upside for real estate

Massive stimulus package has limited upside for real estate

About 450 sellers pulled their listings last week (Credit: iStock)

As New York shut down, so did its resi market

arrow_forward_ios
Loading...