Williamsburg church conversion has some holy stipulations

Watermark Capital lease bars activities deemed "obscene" by Catholic church

New York /
Sep.September 24, 2015 03:00 PM

Waterman Capital Group’s residential conversion of a century-old Catholic church in South Williamsburg is staying devout — with a series of stipulations in the deal prohibiting profane or sacrilegious activities, in the eyes of the church, from taking place on the property.

The developer is leasing land from debt-ridden Saints Peter and Paul Church, at 321 Wythe Avenue, with plans to convert one of the church’s buildings and its parking lot into a multifamily residence. Waterman’s lease starts at $2.1 million per year.

But while 321 Wythe Avenue won’t be used for worship anymore, the church stipulated that certain activities not in line with Catholicism will continue to be banned from the property even after its conversion, according to DNAinfo.

A clause in the lease bars activities associated with abortion, birth control, euthanasia, stem-cell research or pornography at the location. That includes any “obscene” performances and the sale or distribution of pornographic material, as well as counseling on abortions, birth control or euthanasia.

Any violation of the clause “would be seriously damaging and harmful to the reputation and standing of [Saints Peter and Paul Church] as a religious corporation” and would be grounds for a lawsuit, according to the lease.

The church, which was founded in 1844 and arrived at its current location in 1920, owes more than $450,000 in liabilities including $275,000 in long-term debt. The organization will maintain its building at 288 Berry Street.

Numerous church properties across the city have been converted into residential developments over the past several years. Recently, Brookland Capital revealed it is marketing a Clinton Hill church that it plans to convert into a 21-unit condo project. [DNAinfo]Rey Mashayekhi


Related Articles

arrow_forward_ios
RedSky Principal Benjamin Bernstein and a section of the prooperties along N6th in Williamsburg. (RedSky)

RedSky hands over Williamsburg retail portfolio valued at $145M

RedSky hands over Williamsburg retail portfolio valued at $145M
Miki Naftali of Naftali Group and 470 Kent Avenue (Getty; Google Maps)

Naftali Group files plans for 400-unit towers in Williamsburg

Naftali Group files plans for 400-unit towers in Williamsburg
Lantern Real Estate co-founder Tal Bar-Or and a rendering of the project

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails
25 Kent Avenue and Amazon CEO Jeff Bezos (25 Kent; Getty)

Amazon Music is coming to Brooklyn’s office market

Amazon Music is coming to Brooklyn’s office market
From left: 21 Montrose Avenue in Williamsburg, 1480 Amsterdam Avenue and 520 West 136 Street in West Harlem and 208-212 West 141st Street in North Harlem (Google Maps)

Week’s mid-market sales run gamut from $80 to $500 psf

Week’s mid-market sales run gamut from $80 to $500 psf
126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

Bed-Stuy townhouse tops Brooklyn luxury contracts

Bed-Stuy townhouse tops Brooklyn luxury contracts
111 Kent Avenue and Stanley Iezman (Credit: Google Maps)

American Realty Advisors eats $10.7M on Williamsburg sale

American Realty Advisors eats $10.7M on Williamsburg sale
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...