The Real Deal New York

Thanks to John D. Rockefeller, this church beat out a developer for a $45M dorm

Riverside church pushed aside another bidder who had prepared financing and redevelopment plans
September 19, 2018 09:30AM

A rear view of Riverside Church at 490 Riverside Drive and the dormitory at 97 Claremont Avenue (Credit: Google Maps)

Riverside Church is in contract to buy a Gothic stone dormitory from its neighbor Union Theological Seminary for $45 million.

Another bidder, Craig Nassi of BCN Development, had been in contract to purchase the building at 97 Claremont Avenue, and had even received financing to redevelop the site, according to the New York Post.

But the church stepped in and was able to lean on a restriction imposed by John D. Rockefeller that determined the church had a right of first offer to purchase the building.

An aerial view of Riverside Church at 490 Riverside Drive and the dormitory at 97 Claremont Avenue (Credit: Google Maps)

The dorm, known as McGiffert Hall, will be leased back to Union Theological Seminary for five years, as part of the deal. [NYP] — David Jeans