St Patrick’s Cathedral via Wikimedia
Editor’s Note: The owners of 405 Park Avenue are set to buy the development rights from St. Patrick’s Cathedral, the Real Deal reports. MRP Realty and Deutsche Bank Asset Management will add four floors and 205,000 square feet of office space to their existing building.
JPMorgan Chase and Mayor Bill de Blasio announced last week plans for the first project under the city’s Midtown East rezoning: a 70-story tower to replace its old offices at the same Park Avenue site. And with the Archdiocese of New York this week reaching a tentative deal to sell 30,000 square feet of development rights from St. Patrick’s Cathedral, the second project under the new rezoning could quickly follow. According to Crain’s, if the sale happens the Archdiocese could pick up at least $7.2 million in air rights.
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All Saints Church in Harlem, via NYC & Company
The Archdiocese of New York announced that 12 Catholic churches in Manhattan and The Bronx may be sold after declaring them no longer sacred sites for worship. As DNAinfo reported, the Catholic church released a list of properties, including some that had been shuttered since around 2015 when the church restructured many of its parishes by merging many together. After the diocese quietly posted the decrees over the July Fourth holiday weekend, many parishioners were angry that they had less time to appeal. Now some fear the churches will be converted luxury housing building, which has happened many times in the past few years due to the financial pressure on churches.
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On Christmas Eve 2013, the cash-strapped Archdiocese of New York put St. Patrick’s Old Cathedral School on the market for $29 million. Now it looks like Time Equities has purchased the Little Italy property, throwing down $32 million, according to city records filed today (233 Mott and 32 Prince).
Plans to turn the school into condos have been in the works since October 2013, when it was reported that the building was in the process of being sold off to Hamlin Ventures, with re-vamps provided by Marvel Architects. Though records show Time as the buyer, the two developers are joining forces to turn the sprawling 14,925-square-foot former orphanage/convent/school into two single-family homes and eight luxury condos.