The Unification Church is the latest property owner seeking to pitch a dated Midtown office building as a residential conversion.
The Holy Spirit Association for the Unification of World Christianity is looking to part ways with their 72,567-square office building on 4 West 43rd Street. The property had served as a headquarters for the religious organization founded by Sun Myung Moon, according to the property’s website.
An Avison Young team led by James Nelson and Alexandra Marolda are spearheading the marketing of the property.
The property’s marketing materials emphasize the site’s potential air rights: A new developer could potentially build up to 125,530 square feet of residential development or 150,636 square feet of commercial development on the site.
Nelson said the building would be delivered vacant to the new owner.
The building sits close to Bryant Park, not an area known for its residential high-rises.
The recent passing of 485-x, the replacement to the 421a- tax abatement, could renew interest in new residential development.
But challenges persist. Mainly, hulking office buildings constructed around the turn of the 20th century are often not well-suited to become apartments because of the lack of natural light.
The building at West 43rd Street was constructed in the late 1890s and was sold to Columbia University to use as the Columbia University Club. In 1975, the Unification Church bought the building and leased space to other nonprofits. The Unification Church also famously owns the New Yorker hotel in Manhattan.
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