Brodsky Organization pays $57M to St. John the Divine for land under rental building

Brodsky Organization through the entity Clinton 42nd Street, LLC paid The Cathedral Church Of St. John The Divine $57.0 million for the land under 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 430 residential units at 40 Morningside Drive in Morningside Heights. The deal closed on August 16, 2019 and was recorded on September 03, 2019. The parcel(s) have total development potential of 402,727 square feet.
The sale price per unit is $132,558.

This purchase is for the land which it had previously rented from St. John through a ground lease. Brodsky already owned the building which it developed.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 430 residential (or hotel) units on February 10, 2016.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $198,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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