After staying in the same hands for 70 years, this church building at 145 Central Park North has now been sold twice in just four months.
In June, it was sold to New York developer Emmut Properties for $275 per buildable foot or $11.375 million. Then on October 28, Emmut sold the property again for $387 per buildable foot or $16.5 million to a Belgian Family and their local partner, The Einhorn Development Group. That a 45 percent price increase.
With 100 feet of frontage on Central Park North just east of 7th Avenue, the developers are planning on constructing a large luxury rental building. From the third floor up, the site offers sweeping views of downtown Manhattan, overlooking Central Park.
Richard T. Guarino of Friedman Roth Realty Services, who handled both sides of the transaction, explained the price increase with the inventory crunch and the unique nature of the site. “Locations like this don’t come around very often,” he said. “There are only a few developers who can say they built on Central Park.”