Gotham Organization scoops up part of Covenant House site

Company will pay $78M for site
February 01, 2018 10:10AM

Joel Picket and 460 West 41st Street (Credit: Gotham and Google Maps)

The Gotham Organization is in contract to buy part of the Covenant House site on the Far West Side for $78 million.

The developer plans to build a new mixed-use, mixed-income residential project on the site, according to the New York Post. First, however, Gotham will build a new facility for Covenant, a nonprofit that helps homeless teens.

“The proposed plan will consolidate the nonprofit’s operations and strengthen its services, while ensuring Covenant House can maintain all operations throughout construction and development,” a Gotham representative said in a statement.

Gotham will pay for the site, located on the southeast corner of 10th Avenue and West 41st Street, in installments. The sale is expected to close before the end of 2021.

In May 2016, the nonprofit was accused of inflating the number of teens it served in order to secure more city funding. The accusation stalled Economic Development Corporation’s efforts to find a developer to build on the site. A spokesperson for Covenant told the Post that the allegations were false. [NYP] — Kathryn Brenzel