Riverside Church buys Union Theological Seminary dorm for $47M

BCN Development previously planned to buy property at 97-101 Claremont Avenue

TRD New York /
Oct.October 19, 2018 05:49 PM

The Riverside Church’s Rev. Dr. Amy Butler and 97-101 Claremont Avenue (Credit: The Riverside Church and Google Maps)

UPDATED, 9:53 a.m. Oct. 23: A Morningside Heights property that previously looked like it would go to a developer is now officially going to a church.

Riverside Church has purchased 97-101 Claremont Avenue in Morningside Heights from the Union Theological Seminary for $46.5 million, according to property records. The seminary had been using the property as a dormitory.

Craig Nassi of BCN Development was reportedly in contract for the 82-unit, 90,000-square-foot property earlier this year for more than $50 million, but that deal fell through after the church stepped in and leaned on a restriction John D. Rockefeller had imposed that gave them a first right of offer to buy the building.

The dorm is known as McGiffert Hall, and it will be leased back to the Seminary for five years as part of the deal. Riverside Church went in contract for the building in September.

Representatives for Riverside Church, BCN and the Seminary did not immediately respond to requests for comment.

Union Theological Seminary was represented by Savills Studley’s Ira Schuman and Richard Eaddy, while Riverside Church was represented by Cushman & Wakefield’s Frank Liantonio.

Riverside Church is an interdenominational church located at 490 Riverside Drive, right across the street from 97-101 Claremont Avenue.

Other recent deals in the area include the Orbach Group’s sale of five buildings on Manhattan Avenue and West 108th Street for $57 million and Dalan Management and Elion Partners’ purchase of 2568 Broadway at West 97th Street for $66 million.

This story has been updated with additional information about the sale.


Related Articles

arrow_forward_ios
Columbia Property Trust CEO Nelson Mills and 245-249 West 17th Street (Photos via Columbia Property Trust; StreetEasy)

Columbia Property Trust collects 98% of its rent in Q3

Columbia Property Trust collects 98% of its rent in Q3
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)

Here’s what tenants are paying at the Factory in Long Island City

Here’s what tenants are paying at the Factory in Long Island City
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Tony Malkin (Getty, iStock)

Empire State Realty Trust reports second consecutive quarterly loss

Empire State Realty Trust reports second consecutive quarterly loss
Michael Shvo and the Transamerica Building in San Francisco and  (Unsplash)

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M
Amazon CEO Jeff Bezos with (top to bottom) 5 Warehouse Lane in Elmsford in Westchester County, 2300 Linden Boulevard in Brooklyn and 1502 Bassett Avenue in the Bronx (Getty; Google Maps)

Amazon inks three warehouse deals for delivery stations

Amazon inks three warehouse deals for delivery stations
New foreclosure filings are rising again as limits are lifted (iStock)

Foreclosure filings ramp up, especially in minority neighborhoods

Foreclosure filings ramp up, especially in minority neighborhoods
arrow_forward_ios

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

Loading...