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

TRD New York /
Sep.September 19, 2018 09:30 AM

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 

Related Articles

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

From left: Pavel Fuks, Michael Cohen, Felix Sater, and Donald Trump (Credit: Getty Images and Wikipedia)

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down