City pays $8.4M to Roman Catholic Church for school dev site in Kingsbridge

The New York City School Construction Authority paid $8.4 million to the Roman Catholic Church through the entity Roman Catholic Church Of Saint John And Visitation for vacant property at 178 Van Cortland Park South in Kingsbridge, the Bronx. This parcel is adjacent to a development site Tishman Speyer purchased.
The deal closed on August 16, 2022 and was recorded on August 25, 2022. The property has zero square feet of built space according to PincusCo analysis of city data.
The signatory for Roman Catholic Church was Michael P. Kerrigan. The signatory for NYC School Construction Authority was Nina Kubota.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer NYC School Construction Authority purchased 13 properties in nine transactions for a total of $127.3 million and has no record it sold any properties 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 19 properties in 12 transactions for a total of $85.1 million over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 18 commercial properties representing 251,890 square feet of the 407,335 square feet. The largest owner is Tpa V, LLC, followed by MDG Design + Construction and then LAL Property Management.
There are three active new building construction projects totaling 314,979 square feet. The largest is a 336-unit, 279,518-square-foot R-2 building developed by Chris Mccartin with plans filed July 21, 2022 and it has not been permitted yet. The second largest is a 27-unit, 30,085-square-foot R-2 building developed by Moshe Zlicha with plans filed March 22, 2022 and it has not been permitted yet.

The majority, or 53 percent of the 407,335 square feet of built space are elevator buildings, with walkup buildings next occupying 44 percent of the space.

The seller

The PincusCo database currently indicates that Roman Catholic Church owned at least 145 commercial properties in New York City with 3,641,677 square feet and a city-determined market value of $637.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 50 percent of the 3,641,677 square feet of built space are specialty properties, with M1 properties next occupying 27 percent of the space. The bulk, or 47 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.

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