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


Dan said...

Another pandemic in this city... greed.

Anonymous said...

Perhaps the new owners will keep the face of the structure which is a beautiful modernist building. Even better, they could build a church inside the new building while keeping the facade. Yeah, sure, right...who am I kidding. These people will come in, tear it down and build something that the neighborhood doesn't need or want.

Anonymous said...

The buyer has a commercial portfolio. Are they building a commercial building or condos?

noble neolani said...

If we can prevent the city from changing our neighborhoods zoning laws in favor of developers and tech friendly office towers (looking at you Carlina Rivera) we might be able to stem the large sell off of lots to more luxury housing.

Everyone must do their part and join forces with organizations such at the Village Preservation Society, get on their mailing lists, they will send you information and often pre-written emails to sign and forward to a wide range of city officials which will let our voices be heard.

Check them out here, https://www.gvshp.org/_gvshp/preservation/GVSHP-Reports.htm

Anonymous said...

The church needs $$$$ to pay off all of those lawsuits.

Anonymous said...

Great just what the LES/EV needs more $4,000 a month apartments for millennials to rent which does nothing to benefit the neighborhood.

Anonymous said...

Rumor they are buying LaSalle too. Any truth to it? That would be a massive project