Evenhar, LTNG buying Nomad dev site they lease, for $17.2M

Evenhar Development and LTNG have an agreement to buy two parcels for $17.18 million that form a portion of a four-parcel development site in Nomad where it plans to build a 57-unit building. Evenhar and LTNG already control the two parcels through a 99-year ground lease signed in 2021 that included an option to buy the properties. The sale was disclosed in a petition the seller, the First Moravian Church, filed in New York State Supreme Court, as part of the required process for a nonprofit to sell a significant portion of its holdings.

The investment company RM Group Management owns a 90 percent interest in the project, while Evenhar and LTNG own a combined 10 percent, according to a organizational chart of the ownership.

According to a term sheet filed as part of the petition, “The Sponsorship’s business plan is to develop an 11-story + basement, 84,357 gross square foot, mixed-use condominium with a total gross sellout value of approximately $106,000,000 and a cost basis of approximately $81,000,000.”

Oren Evenhar, CEO of Evenhar Development, in partnership with LTNG, submitted a new building construction project for a 57-unit, 63,933 square-foot residential (R-2) building at 154 Lexington Avenue on November 3, 2022 under job number M08007990. It calls for the construction of an 11-story building. The project is described in the filing as: application filed to construct a new 11-story mixed-use building. The architect is Woods Bagot Architects, P.C. As part of the new building, Evenhar will build a sanctuary for the church.

In March 2022, PincusCo reported Evenhar Development and LTNG purchased the other two parcels in the four-parcel site, for $9.5 million.

The total consideration of $17.18 million is composed of $11 million in direct payments, $3.94 million for the value of the completed church, $1.8 million in payments to tenants to vacate, $420,000 in ground lease rent payments at $10,000 per month during construction, and $10,000 in legal fees. The project is slated to be completed by February 1, 2027.

The church was incorporated on April 18, 1794, as the United Brethrens Church. The church units will consist of community and worship condominium space of approximately of 5,858 square feet; an additional 1,000 square feet of common area including a church garden; and a two-bedroom residential/parish house condominium unit consisting of approximately 900 square feet (including elevator); for a total of 7,758 square feet, according to the petition.

Petition LINK

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