LA real estate firm buys shuttered church site for $40M

Archdiocese had closed the East Village’s Church of the Nativity about 5 years ago

New York /
Mar.March 23, 2020 04:30 PM
42-46 2nd Avenue (Credit: Google Maps)

42-46 2nd Avenue (Credit: Google Maps)

The shuttered Church of the Nativity site in the East Village now belongs to a Los Angeles-based real estate firm.

Gemini Rosemont purchased 42-46 Second Avenue from the Roman Catholic Church for $40 million, according to property records. The Archdiocese of New York closed the church in 2015 and merged it with the nearby Most Holy Redeemer church as part of its massive reorganization plan, according to EV Grieve.

Representatives for Gemini Rosemont and the archdiocese did not respond to requests for comment.

Gemini Rosemont is a real estate investor based in Los Angeles that also has offices in New York, Dallas, Denver, Houston and Santa Fe. The LLCs that purchased 42-46 Second Avenue are based out of the company’s Santa Fe office.

The archdiocese had previously considered partnering with the Cooper Square Community Land Trust on a low-income senior housing project on the site, but church officials ultimately rejected the plan, according to Curbed. The organization had offered to buy the site for $18.5 million, but the archdiocese had expressed interest in getting a market-rate price for the land and using the money to help fund Most Holy Redeemer and other churches in the city.

Other recent East Village deals include Granite International Management’s $11.5 million purchase of 182-184 Avenue A and Highpoint Property Group’s $24.74 million purchase of 436 and 442 East 13th Street.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Arch Companies’ Jeffrey Simpson with 1633 East 16th Street (Arch Companies, Google Maps)
Just two mid-market investment sales closed in NYC last week
Just two mid-market investment sales closed in NYC last week
From left: Highpoint’s Partner Drew Popkin and Ross Banon with 99 North 4th Street (City Realty, LinkedIn)
Corner Street, Highpoint nab outer-borough portfolio for $167M
Corner Street, Highpoint nab outer-borough portfolio for $167M
(Photo Illustration by The Real Deal with Getty Images and Americasroof at English Wikipedia, CC BY-SA 3.0 - via Wikimedia Commons)
Chinese firms bailing on US commercial market
Chinese firms bailing on US commercial market
Dart Enterprises' Ken Dart and 175 Water Street (Getty Images, Google Maps, YouTube/WORLD TOP 10 OFFICIAL)
Reclusive billionaire buying former AIG headquarters
Reclusive billionaire buying former AIG headquarters
Healing From Heaven Temple COGIC and Childs Memorial Temple COGIC (Google Maps)
Meet the developer from the Harlem church scandal
Meet the developer from the Harlem church scandal
Walker & Dunlop's David Ash, Kris Mikkelsen (left) with One Vanderbilt (Walker & Dunlop, Google Maps)
David Ash to launch Walker & Dunlop NYC sales office
David Ash to launch Walker & Dunlop NYC sales office
Investment Sales, Trophy Properties
Where are all the trophy office listings?
Where are all the trophy office listings?
arrow_forward_ios

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

Loading...