Redeemer Presbyterian Church pays $29.5M to GPG Properties for rental property in Carnegie Hill

Redeemer Presbyterian Church through the entity Redeemer Presbyterian Church Of New York City paid GPG Properties’s SMG 91 LLC $29.5 million for 150 East 91st Street in Carnegie Hill. The deal closed on August 14, 2020, and was recorded on August 19, 2020. The transaction consists of 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 24 residential units. The property is 21,342 square feet. The parcel(s) have total development potential of 45,299 square feet.

The contract was signed October 22, 2019. The signatory for the seller was Randy Glick, for the buyer was Brian Stanton.  No loans were recorded at the time of the purchase. GPG, also known as Glick Property Group, was represented by Cushman & Wakefield’s Hunter Moss and Brad Jones. During another global financial crisis, the church in October 2008 paid $21.5 million for 150 West 83rd Street, after signing a contract nearly two years earlier in November 2006. That purchase was financed with $31.5 million in loans from the California-based Evangelical Christian Credit Union.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $103,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link