3 nonprofits seek to sell properties for a combined $16.2M in Manhattan, Brooklyn, Bronx

Three nonprofits filed petitions in New York State seeking permission to sell properties in three unrelated actions totaling $16.2 million.

The most expensive was for $7.2 million in Williamsbridge in the Bronx. The Church of Saint Mary seeks to sell three Bronx parcels at 3642 Willet Avenue and 3663 White Plains Road in Williamsbridge to the WellLife Network, which provides services to individuals with intellectual or developmental disabilities and mental illness. The brokers were Jones Lang LaSalle and Nathan M. Horne Compass Realty. LINK

The second was the Broadway Spanish Baptist Church selling its property at 7-15 Hamilton Place in Hamilton Height, Manhattan, to Kendy Construction for $4.52 million. According to the petition, the total construction and project cost is $16.125 million, and Kendy Construction will “renovate and build on the Premises and build condominiums thereon, and upon completion of the same, Petitioner shall receive space for its continued use as a church, as well as ownership of some of the condominium units, in accordance with the Agreement… Upon completion of the Project the form of ownership of the Project will consist of two condominiums and each party will own one: and. BSBC’s condominium will consist of the first, second commercial floors and the third floor (with seven (7) dwelling units (4 two bedroom units and 3 one bedroom unit)) of the Project and Developer’s condominium shall consist of the remaining 59 dwelling units.” The joint venture agreement was signed in November 2021, and valued the property at $7 million. However, an appraisal executed in January 2022 put the value at $4.52 million, the value used in the petition. LINK

The third was the National Society for Hebrew Day Schools selling to Jeff Shemia the parcel 1966 Coney Island Avenue in Midwood for $4.2 million. The school owns and seeks to sell 1966 Coney Island Avenue, Brooklyn, New York 11223 (Block 6642, Lot 18) (the “Property”). The Property is an approximately 10,000 square foot site in the Coney Island neighborhood of Brooklyn. The Property is improved with one commercial building and one additional structure. The Corporation acquired the Property on February 12, 2010. “The fair market value of the Property as of May 20, 2022, as determined pursuant to an appraisal conducted by Westrock Appraisal Services, a licensed appraisal firm (the “Appraisal”), is four million two hundred thousand dollars ($4,200,000.00). A copy of the Appraisal is attached as Exhibit E.” LINK