NEW YORK – Redeemer Presbyterian Church has acquired a 45,094 square foot apartment building in Manhattan that is being converted into a common room.
The Church acquired the property for $ 29.5 million, equivalent to $ 654 per buildable square foot, from the seller, a subsidiary of GPG Properties.
The existing multi-family house with 25 residential units is located at 150 E. 91st St. and is currently 21,342 square meters in size. Built in 1901, the asset has been in permanent ownership by subsidiary GPG Properties since the 1960s.
"Our family has been part of the Upper East Side community since the 1930s," said Jason Glick, general manager of GPG. "We are thrilled that the sale of this property provides the Savior with an opportunity to build a permanent presence on the Upper East Side and continue to serve the community."
The team of Hunter Moss and Brad Jones from Cushman & Wakefield represented the seller and arranged the sale.
"We have seen that owners are more likely to sell to users, as users often provide the seller with greater security to close," says Moss. “Since 2016, purchases by users across the city have grown by around 1.75% per year. Buildings purchased by users accounted for 6.2% of the gross dollar volume in 2016 and rose to 11.5% in 2019. "
“The Savior looks forward to not only having a local presence on the Upper East Side that enables us to better serve our parishioners, but also a community and cultural space that will help our neighbors flourish,” Rev. explains. Dr. Abe Cho. Senior Pastor of the Savior Presbyterian Church East Side.
150 E. 91st St. in New York City.