UES Church Site Sale Closes at $21M [Updated]
By Lauren Elkies Schram March 3, 2014 10:17 am
reprints
The sale of a site that formerly housed a six-story church on the Upper East Side has closed for $21 million, according to property records.
Roman Catholic Archdiocese of New York closed on the sale of its property at 321 East 61st Street (also with an address of 330 East 62nd Street) on February 12. It was recorded with the city on February 27.
The buyer, an entity called YYY 62nd Street LLC, is planning a community facility project catered toward medical office, education use, or student and resident-doctor housing, according to a release from Newmark (NMRK) Grubb Knight Frank. According to city records, Joy Construction Corp. is leading the partnership of investors. Eli Weiss of Joy said the project should take 24 months to complete and declined to comment on asking rents. The site can accommodate approximately 98,500 square feet on a rectangular block-through footprint.
“A development exclusive for institutional use is unique and this size footprint could accommodate a full-size gym and efficient classrooms for a nearby school or modern lab space for a biotech user seeking proximity to the neighborhood’s hospitals,” said NGKF’s Justin DiMare in a prepared statement. He was hired, along with NGKF’s Howard Kesseler, to market the planned development to users. “Spaces can be designed-to-suit and delivered on a leasehold condominium basis, which for 501c3 nonprofit users, can be eligible for real estate tax exemption.” When contacted for comment, Mr. DiMare directed a reporter to NGKF’s press person.
The 13,706-square-foot site has frontage on 61st and 62nd Streets off of Second Avenue.
Our Lady of Perpetual Help Church was erected in 1887 for Czech immigrants at 321 East 61st Street until the church was demolished in 1998.
Update: This article has been edited to include information on the partnership of investors as well as a construction timeline.
Additional reporting provided by Roland Li.
