Catholic Church signs contract to sell Hell’s Kitchen dev site for $16M to LA nonprofit

The Roman Catholic Church of New York signed a contract to sell a Hell’s Kitchen church at 342 West 53rd Street and adjacent development site at 338 West 53rd Street for $16 million to the nonprofit Los Angeles-based JMM Charitable Foundation, a philanthropic entity founded and run by industrialist Walter Wang and his wife Shirley Wang. Walter Wang is an heir to the Taiwanese Wang family fortune, which Forbes estimates has assets of $5.4 billion.

The two parcels, according to an appraisal, have development potential of 33,755 square feet. The sale price at that valuation equates to $474 per square foot. However, only one parcel, 338 West 53rd Street can be demolished in the near term, according to the sale contract.

The seller requires the 1869 church building at 342 West 53rd Street, which is not a city Landmark but is historically significant as an early house of worship for Black Catholics, to be preserved for at least 20 years. The eastern parcel is expected to be demolished. The buyers have made a $3.2 million deposit.

Bisnow reported on the filing yesterday.

The brokers, according to the purchase and sale agreement, were Denham Wolf Real Estate Services for the seller  and Compass for the buyer.

According to the contract, “Seller is conveying the Property in reliance upon the expressed representation, warranty and covenant on the part of Purchaser that the Purchaser, its successors and assigns shall maintain and preserve the existing church building located on Lot 51 as a church for a period of twenty (20) years following the Closing Date.”

According to the appraisal by Cushman & Wakefield, “The subject property consists of the Church of Saint Benedict the Moor and an adjacent development site. The property is comprised of two tax parcels that contain 8,037 square feet of land area and 14,731 square feet of aggregate gross building area. The western portion of the site (Lot 51) is improved with a two-story church (the Church of Saint Benedict the Moor), which contains 7,656 square feet of gross building area. The eastern portion of the site (Lot 149) is improved with a three-story parish house, rectory, and an enclosed bridge connecting the two structures.

“In total, the eastern portion of the site contains 7,075 square feet of gross building area. According to a Historic Background Report prepared by Higgins Quasebarth & Partners, LLC, dated June 2015, the Church of Saint Benedict the Moor was constructed in 1869. Although originally constructed as the Second German Church of the Evangelical Association of North America, the building was sold to the Church of Saint Benedict the Moor in 1898. At the time, the Church was known as the “Mother Church” for black Catholics in New York.

“The parish house was constructed in 1902 and the rectory was constructed in 1964. The improvements on the eastern portion of the site are in fair condition. The church and the parish house are determined to be in poor condition with significant differed maintenance. As such, the improvements do not provide any utility to the site.

“In addition, despite the historic relevance of the church, the improvements have not been designated as a landmark by the New York City Landmarks Preservation Commission. The highest and best use of the improvements is for demolition and construction of a mixed-use residential development…. It is our opinion that solely the improvements situated on the western portion of the site should remain given their historical significance. Therefore, the Highest and Best Use of the subject property as improved is for demolition of the existing improvements and construction of a mixed-use residential building built to its maximum feasible building area.”

Direct link to the property’s ACRIS page and link to DOB NOW portal.