Archdiocese of New York in Contract to Sell Vacant East Village Lot for $58M
New owners plan to redevelop it into 570-unit multifamily building
By Mark Hallum June 4, 2024 1:02 pm
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Developers have signed a contract with the Catholic Church to redevelop a vacant lot in the East Village into a 570-unit multifamily property — if they can get a zoning deal with the city.
Developer Spatial Equity and nonprofit developer Community Access have signed a deal with the Archdiocese of New York to pay between $58 million and $68 million for 181 Avenue D, as long as the New York City Council approves a Uniform Land Use Review Procedure (ULURP) application for the development, PincusCo first reported.
The archdiocese filed a petition with New York State Supreme Court for judicial approval of the sale on Monday, a requirement for nonprofit and religious organizations.
The 1.4-acre lot would have two separate buildings, both 100 percent affordable housing, with one being about 240,000 square feet in total and the other spanning 190,000 square feet, according to the court filings.
Property records show the archdiocese has owned the property since at least 1973 under the name Roman Catholic Church of Saint Brigid and Saint Emeric, which has a parish nearby on Avenue B. Prior to that, the site belonged to Consolidated Edison. It’s unclear how much the church paid for the land.
The Archdiocese of New York, Spatial Equity and Community Access did not immediately respond to requests for comment. It’s unclear if there were brokers on the deal.
Community Access is mostly active in the Bronx, Brooklyn and Manhattan. It has developed 21 affordable and supportive housing complexes across $500 million in investments, including the $80 million Anthony Baez Place apartments at 334 East 176th Street, which began construction in 2022, and the $122 million 1159 River Avenue, which was completed in 2022, according to its website.
Mark Hallum can be reached at mhallum@commercialobserver.com.
