Brodsky Org buys rental building from church for $57M
Developer has purchased 400 West 113th Street, site of its Enclave project
The Brodsky Organization just bought the Morningside Heights property it developed a massive rental building on four years ago.
The Cathedral of St. John the Divine has sold 400 West 113th Street to the developer for $57 million, according to property records. Brodsky in 2015 constructed the 15-story, 428-unit rental, Enclave at the Cathedral, that sits on the site. It currently has just two active listings on StreetEasy: a one-bedroom unit for $4,340 per month and a two-bedroom unit for $6,820 per month.
Brodsky had entered into a ground lease on the property about five years ago, and the firm felt that the opportunity to purchase the land outright would be a good long-term investment, according to Brodsky Organization principal Dean Amro.
“We’ll continue to just own and operate the building,” he said, “and now we will own the land long term and won’t have to worry about ground rent resets in the future.”
Representatives for the church did not immediately respond to requests for comment.
Brodsky recently sold a quartet of four-story buildings at 592-598 Ninth Avenue in Hell’s Kitchen to HUBB NYC for $17 million, and the firm entered into a joint venture with Greenland Forest City Partners earlier this year to develop 18 Sixth Avenue at Brooklyn’s massive Pacific Park project.