Tuesday, March 24, 2020
L.A.-based investor pays $40 million for former Church of the Nativity property on 2nd Avenue
The Roman Catholic Archdiocese of New York has sold the former Church of the Nativity property on Second Avenue for $40 million, according to public records. (H/T Upper West Sider!)
The buyer is Gemini Rosemont, an L.A.-based real-estate investor. The LLCs that purchased 42-46 Second Ave. between Second Street and Third Street are based out of the company’s Santa Fe office, as The Real Deal noted.
According to their website, they look to rent to "tenants in high growth and tech centric industries."
There were rumors dating to January about this deal. Now it's official.
The Church closed after a service on July 31, 2015, merging with Most Holy Redeemer on Third Street.
As previously reported, the Cooper Square Community Land Trust had explored buying the former Church of the Nativity to use as low-income housing.
However, the Archdiocese of New York reportedly didn't seem too keen on that idea, perhaps intent on garnering top dollar for the prime real estate for luxury housing.
[Photo at Nativity from Jan. 10 by Felton Davis]
In April 2019, Catholic Homes New York, the affordable housing unit of Catholic Charities and the Archdiocese of New York, announced plans to redevelop several existing properties to provide 2,000 affordable units in NYC over the next 10 years. Not on the affordable-housing list: Church of the Nativity and the Church of Saint Emeric on 13th Street near Avenue D.
This wouldn't be the first time that a former Catholic church was demolished for upscale housing in this neighborhood. Developer Douglas Steiner bought the former Mary Help of Christians property in 2012 from the Archdiocese of New York for $41 million.
During the summer of 2013, workers demolished the church, school and rectory to make way for Steiner East Village, the block-long condoplex where a penthouse unit is currently renting for $19,000 per month.
Previously on EV Grieve:
• Educator: Turning the former Church of the Nativity into luxury housing would be a 'sordid use' of the property
• The fight to keep Church of the Nativity from becoming luxury housing
• Report: Archdiocese of New York announces affordable-housing projects; fate of 2 East Village churches unknown