Nonprofit pays Catholic parish $10.9M for buildings in Staten Island

The nonprofit On Your Mark through the entity On Your Mark, Inc. paid the Roman Catholic Church of Saints Peter and Paul $10.9 million for religious buildings (W2) at 129 Clinton Avenue, 148 Cassidy Place and others in Randall Manor, Staten Island.
The deal closed on June 20, 2024 and was recorded on December 6, 2024. The four properties have 34,232 square feet of built space and 35,527 square feet of additional air rights for a total buildable of 68,952 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $318 and the price per buildable square foot is $158 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
On Your Mark is a nonprofit based in Staten Island for individuals with intellectual and developmental disabilities.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer On Your Mark had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Roman Catholic Church had not purchased any other properties and sold 24 properties in 19 transactions for a total of $211.6 million over the same time period.

The property

The specialty building in Randall Manor has 34,232 square feet of built space and 35,527 square feet of additional air rights for a total buildable of 68,952 square feet according to a PincusCo analysis of city data. The parcel has frontage of 206 feet and is 170 feet deep with a total lot size of 63,192 square feet. The lot is irregular. The zoning is R3X which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $300 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 57,408 square feet of built space are specialty 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 147 commercial properties with 886 residential units in New York City with 5,023,226 square feet and a city-determined market value of $973.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 35 percent of the 5,023,226 square feet of built space are specialty properties, with M1 properties next occupying 19 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Manhattan next at 21 percent of the space.

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