Riverside Church buys Union Theological Seminary dorm for $47M

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

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
Gale Brewer (Getty, Gale Brewer)
City takes aim at landlords’ empty retail space
City takes aim at landlords’ empty retail space
SL Green chairman Marc Holliday and One Madison Avenue (Getty Images, SL Green Realty Corp)
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Leslie Alexander with 1117 Main Road in Riverhead (top) and 2045 Sound Avenue in Mattituck (Getty, Compass)
Leslie Alexander lists pair of North Fork properties with development rights
Leslie Alexander lists pair of North Fork properties with development rights
(Photo Illustration by The Real Deal with Getty Images)
Office occupancy stalls after Labor Day push
Office occupancy stalls after Labor Day push
A photo illustration of 1776 Nostrand Avenue (Getty Images, Google Maps)
Flatbush landlord sentenced in deadly space heater fire
Flatbush landlord sentenced in deadly space heater fire
Tankhouse’s Sam Alison-Mayne with 452 Union Street (Facades Plus, Google Maps, Getty)
Multifamily deals dominate strong week of NYC i-sales
Multifamily deals dominate strong week of NYC i-sales
Steve Roth and renderings of 260 11th Avenue (Getty, Profile New York)
Vornado lays out vision for Otis Elevator Building complex
Vornado lays out vision for Otis Elevator Building complex
From left: Arch Companies' Jeff Simpson and Hello Living's Eli Karp along with a rendering of 1580 Nostrand Avenue (Getty Images, Arch Companies, Hello Living)
Eli Karp’s Hello Living says goodbye to Flatbush project
Eli Karp’s Hello Living says goodbye to Flatbush project
arrow_forward_ios

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

Loading...