The historic Bowery Mission is selling its men’s shelter on Avenue D as the oldest Christian rescue mission in the city works through the pandemic to help feed, clothe and house some70,000 homeless New Yorkers.
The Mission has tapped Bob Knakal and his team at JLL Capital Markets 45-51 Avenue D in Alphabet City, a two-building property that serves as The Bowery Mission Men’s Center offering transitional housing for formerly homeless men who graduate from a residential recovery program.
“The Bowery Mission had planned to renovate the facility to add additional beds and modernize the site to fit its evolving programs,” said JLL’s Jonathan Hageman. “The Bowery Mission realized the privately raised funds it would need to renovate the Avenue D property would be better utilized to enhance its proven services for men, women and children experiencing homelessness and poverty across The Bowery Mission’s eight other locations in New York, New Jersey and Pennsylvania.”
Hageman and Knakal, along with Guthrie Garvin, Alexander Ball, Solomon Michailow, Jack Norton, Jacob Russell and Patrick Yannotta are marketing the property as a mixed-use redevelopment opportunity that will be delivered vacant.
45-51 Avenue D is located within a designated Opportunity Zones. 45 Avenue D is a six-story building, 48 ft. wide offering 20,174 s/f. 51 Avenue D is a two-story building at 44 ft. wide with 6,141 s.f.
According to the marketing team, the buyer could renovate either one or both structures into a residential asset. Alternatively, investors can elect to demolish both structures to pave way for an approximately 92 ft. wide, ground-up project that could be developed into a building with approximately 53,338 zoning floor area through New York City’s Inclusionary Housing Bonus Program (IHB).
In the event an investor decides to reposition the existing six-story structure and demolish only the two-story structure, there will be approximately 22,422 ZFA remaining as-of-right that can be further increased to approximately 33,164 ZFA through the IHB program for a ground-up project on the remaining 44-foot wide lot.
“An investor will greatly benefit from the property’s location within one of only five designated Opportunity Zones in Manhattan south of 96th Street,” said Knakal. “The two conjoined buildings at the site will be delivered vacant, and as a result, there are several viable investment strategies that will unlock tremendous value for the buyer.”
Since the pandemic began, the Bowery Mission has been sheltering 194 homeless New Yorkers and providing long-term housing for 125 others, according to Religion News Service. The virus forced the temporary closure of its chapel at 227 Bowery and it replaced its hot meal service with to-go meals at the door.