As The Living Church magazine first reported, the Landmarks Preservation Commission (LPC) approved the transfer on July 21, allowing the historic church at 131 E. 10th St. at Second Avenue to sell air rights (aka transferable development rights).
The rights would be transferred to a development site at 50-64 Third Ave. between 10th Street and 11th Street. Kinsmen Property Group, a joint venture between State Building Group and Madison Group, is planning a residential building of up to 160,000 square feet at the site, as we've been reporting.
The deal is notable because the receiving property isn't directly adjacent to St. Mark's. Changes enacted under the city's City of Yes zoning overhaul expanded where landmarked properties can transfer their unused development rights.
The process came before Community Board 3 in June, when members approved a continuing maintenance plan required for the transfer. Beyer Blinder Belle Architects conducted a conditions survey of the church and developed a plan that prioritizes critical repairs, with additional maintenance taking place over several years.
The sale is expected to close by year’s end. Until then, details of the agreement, including the sale price, remain confidential.
According to The Living Church, the sale will provide greater financial stability for maintaining the landmark while allowing operating income.
"We don't have to worry about these vital repairs anymore…instead, we can say, we 'have these things covered.' We can keep our building in sound repair, and we can continue to do the vital mission work and ministry work that we've been doing for so long," the Rev. Anne Marie Witchger, rector of the church, told the publication.
The current St. Mark's Church building was completed in 1799 on a site with a history of worship dating to the 17th century. It is one of the oldest church buildings in Manhattan.
11 comments:
I’m glad the church is staying and will be able to make it to repairs, but it’s BS that they’re able to sell air rates to a property nowhere near it.
good for st marks. bad for east village.
This is nothing new in the world of NYC real estate
@8:52 Third Avenue has different zoning and they can build higher buildings there. Sadly, eventually it will be a wall of high buildings.
So churches get massive tax exemptions AND get to sell rights like this? Smells like BS
This is a nightmare. The EV has cheap real estate compared to most of Manhattan. We've already seen plans for massive high rises on Lafayette, the Bowery E.5th street.. And now a monster at 3rd Ave. And we can throw in St Brigid at TSP. and a potential new building at Village View. This is the city of YES. And we can't say No because our pols have sold everybody a bill of goods that we need tons of apartments. We don't. It's all about the real estate industry and political contributions. And we have nobody to stop the EV being turned into high rise city.
Well, they need better and more reliable sources of funding. The alternative you didn’t mention is that you—yourself—can donate all a lot money so they don’t have to do that.
I hate the look of the recent glass structures at Astor Place, but I do welcome more housing. And to get enough additional housing, NYC needs to build taller. There is no getting around it. We need more density.
That said, I don't understand what it means for the church to sell its air rights to a development that is not adjacent. What is the 3rd Ave building going to do with them? Are they going to build something else on top of the church?
The EV is evolving; just as every city, town and hamlet anywhere in the world. It is not the same EV as ten years ago, or even five years ago. We either accept that fact or live a miserable life complaining and whining.
Can someone explain this selling air rights from your own property to a property that's not adjacent that you don't even own to me? Wouldn't that other property already own their air rights? I think a number of us are confused by the concept.
I'm far from a real estate expert but here goes... Air rights are the amount of air over your property you are allowed to fill up with a building. There's a formula based on the square footage of your property. If you don't fill up the air space over your lot... you are allowed to sell it usually within a certain area around your building. The property on 3rd Ave is going to add to the height of their building by purchasing the unused air rights of the church. I hope that helps.
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