Exact Capital in contract to pay $6.4 for Harlem parcel, to build $32M project

Exact Capital Group signed a contract to pay $6.395 million for a vacant parcel at 210 West 145th Street in Harlem and to construct a condominium church space and provide two apartments for the seller, a church. The seller is the church Gospel Spreading Association, according to a petition filed yesterday in New York State Supreme Court seeking the court’s approval to sell the property, which is a requirement for nonprofits that sell or transfer significant assets.

The overall construction project is estimated to cost $32.4 million, with $6.5 million in equity and $25.9 million in debt, according to the petition.

Exact Capital, led by Craig Livingston and Michael Callaghan, has been working on this project since at least 2016, when it registered the purchase entity, 210 W 145th Street Equities LLC with New York State. The site is now vacant following a fire in 2013 that damaged the structure that was subsequently demolished.

The contract was signed November 10, 2020. The title will transfer when Exact Capital obtains construction financing, and the project must be completed within three years of the title transfer, the petition says.

Exact filed plans in 2017 for a 72-unit, 59,800-square-foot building for the site, Yimby reported at the time. While the Department of Buildings approved the plans in February 2020, it has not yet issued permits for the project.

Gospel Spreading Association is an affiliate of the Washington, D.C.-based Gospel Spreading Church,

As part of the agreement, the developer will build a 7,000-square-foot church space (with 3,500 above grade and 3,500 below grade) and provide the church two two-bedroom apartments.

The petition says the construction cost for the church unit and two apartments is estimated to be $390 per square foot and the land cost is $135 per square foot.

— Adam Pincus