Redeemer Presbyterian Church has bought its own church building on the Upper East Side for $29.5 million.
Cushman & Wakefield arranged for the sale of 150 East 91st Street, a 45,094 s/f multifamily asset that will be converted to a community facility space. The final sale price was $29,500,000, equating to approximately $654 per buildable square foot.
A Cushman & Wakefield team of Hunter Moss and Brad Jones represented the seller, an affiliate of GPG Properties. The buyer is Redeemer Presbyterian Church.
“We’ve seen owners be more inclined to sell to users, as users will often provide the seller with a greater certainty of close,” said Hunter Moss.
“Redeemer looks forward to having not only a local presence on the Upper East Side that will allow us to better serve our congregants but also a community and cultural space that contributes to the flourishing of our neighbors,” said Rev. Dr. Abe Cho, senior pastor of Redeemer Presbyterian Church East Side.
The existing structure at 150 East 91st Street is a 21,342 s/f, 25-unit multifamily asset that was built in 1910 and has been owned continuously since the 1960’s by an affiliate of GPG Properties.
“Our family has been part of the Upper East Side community since the 1930s. We are thrilled that the sale of this property will yield an opportunity for Redeemer to create a permanent Upper East Side presence and continue to serve the community,” said Jason Glick, Managing Principal of GPG.
A developing trend in New York City capital markets has been the emergence of user activity, particularly in the middle markets space.
“Since 2016, user purchases city wide have been on the rise at about 1.75% a year, with user-purchased buildings accounting for 6.2% of gross dollar volume in 2016 and climbing to 11.5% in 2019,” added Moss.