Catholic Homes pays $7.9M to Roman Catholic Church for 126-unit Longwood dev site
Catholic Charities of the Archdiocese of New York and Catholic Homes through the entity St. Anselm Apartments LLC paid $7.9 million to Roman Catholic Church and Roman Catholic Church of Saint Anselm and Saint Roch for the property at 671 Tinton Avenue in Longwood, Bronx.
The deal closed on June 29, 2023 and was recorded on July 13, 2023.
On the tax block, there was one new building construction project filed totaling 104,674 square feet. It is a 126-unit, 104,674 square-foot residential (R-2) building submitted by John Dibattista with plans filed March 23, 2022 and permitted June 1, 2023.
The signatory for Roman Catholic Church and Roman Catholic Church of Saint Anselm and Saint Roch was Michael Eguino. The signatory for Catholic Charities of the Archdiocese of New York and Catholic Homes was Kevin Nelan.
PincusCo reported on the sale in April 2023 when it was in contract.
At the same time as the purchase, the NYS Housing Finance Agency gave a $70 million construction loan. The developers obtained additional funding from New York Institute for Human Development.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Catholic Charities of the Archdiocese of New York had purchased any other properties and sold one property in one transaction for a total of $25 million over the past 24 months.
The seller Roman Catholic Church purchased one properties in one transactions for a total of $1.5 million and sold 28 properties in 18 transactions for a total of $170.4 million over the same time period.
The property
PincusCo cannot determine the lot area of the 671 Tinton Avenue parcel at this time.
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $7.9 million judgment concerning a leave to sell filed on April 27, 2023, by Roman Catholic Church Of Saint Anselm And Saint Roch against Catholic Charities of the Archdiocese of New York and Eric Cruz. In addition, according to city public data, the property has not received any significant violations in the last year.
The block
On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 463,680 square feet of the 463,680 square feet. The identified owner is New York City Housing Authority.
On the tax block, there was one new building construction project filed totaling 104,674 square feet. It is a 126-unit, 104,674 square-foot residential (R-2) building submitted by John Dibattista with plans filed March 23, 2022 and permitted June 1, 2023.
The majority, or 100 percent of the 463,680 square feet of built space are elevator buildings, with industrial buildings next occupying 0 percent of the space.
The seller
The PincusCo database currently indicates that Roman Catholic Church owned at least 146 commercial properties with 886 residential units in New York City with 4,220,236 square feet and a city-determined market value of $748.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 4,220,236 square feet of built space are specialty properties, with M1 properties next occupying 24 percent of the space. The bulk, or 54 percent of the built space, is in Brooklyn, with Queens next at 26 percent of the space.
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