As expected, Gemini Rosemont Development bought the former La Salle annex at 38 Second Ave. and Second Street.
The $14.5 million purchase of the four-story building — announced yesterday — is the third of three contiguous parcels between Second Street and Third Street acquired by the firm this year for future development. Gemini Rosemont closed on 42-44 Second Ave. and 46-48 Second Ave. (the former Church of the Nativity) in March for $40 million.
The total lot area of the assembled site is 14,075 square feet, according to city records. The combined development site can accommodate an as-of-right buildable area of 75,908 square feet and up to 101,210 square feet of residential area under the city's Inclusionary Housing Program.
Development plans have not been made public. Meanwhile, demolition permits have already been filed for the former Church of the Nativity and the adjacent building.
La Salle purchased the Annex property in 1966 to provide additional space for its large population of students during that era. Since 2010, the Annex served as the home of the Brothers' Community that was associated with the school and provided office space for some members of the school's administrative staff.
According to a press release on the sale, proceeds are earmarked for school's endowment.
A significant portion of the proceeds from the sale are earmarked for La Salle Academy’s endowment fund, boosting the school’s financial stability and its ability to meet the growing needs of the segment of its student population who require tuition assistance. La Salle Academy, which currently occupies the top three floors of St. George’s Ukrainian School on East Sixth Street off Second Avenue, will continue to operate at its present location.
Brother Thomas Casey current president of La Salle Academy, remarked enthusiastically, "This sale will benefit La Salle students far into the future."
La Salle Academy's former school building and Brothers' Residence on Second Street, which is currently leased by the Nord Anglia International School, are not included in the transaction.
The Church of the Nativity 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.
As for the future of 38-48 Second Ave., the Gemini Rosemont website notes that they look to rent to "tenants in high growth and tech centric industries."