Rockefeller Group, Atlas sign $96M contract for UWS dev site

Rockefeller Group and Atlas Capital Group signed a $96 million contract to purchase an Upper West Side development site with 291,768 square feet of residential development potential, from the Archdiocese of New York, with an address of 200 West 97th Street.
The Commercial Observer reported on the transaction on Friday.

Cushman & Wakefield generated an appraisal in October 2025 that priced the property at $94.1 million. Meridian Capital Group brokered the transaction, according to the contract, dated September 23, 2025.

The contract was disclosed in a court filing, in which nonprofits and religious organizations seek approval to sell substantial assets. There is an option to pay $7 million for air rights from a landmarked building, 753 Amsterdam Avenue, which is home to

Case LINK

According to the appraisal, “The subject site is currently improved with the Holy Name of Jesus School, convent, and community center. The convent is vacant. The school is closed and temporarily being used for other church purposes. The community center is still currently active.

“The improvements are proposed to be demolished as part of the redevelopment of the subject property. According to public record, the existing structures contain 13,580 square feet of above grade gross building area… According to public record and a zoning summary prepared by PBDW Architects LLP, the maximum as-of-right yield of the subject site including the air rights is 316,696 square feet of zoning floor area when using the maximum permitted community facility floor area ratio, and 291,768 square feet when using the maximum permitted residential zoning floor area.

“We have utilized the residential zoning floor area in developing the market value of the subject site which is aligned with the highest and best use of the site and the analysis of market participants and investors.

“Additionally, the buyer will be responsible for constructing a new 9,500 square foot community facility condominium unit in the proposed development that will serve as the church’s parish center. The condominium unit will be deeded to the seller at completion. The buyer will also make repairs to the church’s existing façade and windows adjacent to the development. The transaction represents an arms-length sale. Additionally, the buyer may also attempt to purchase additional development rights from Block 1851, Lot 1, and if that truncation occurs, will be responsible for another payment to the seller.”
The contract says if Rockefeller acquires the air rights from 743 Amsterdam Avenue, it will pay the church an additional $7 million. It was not clear how many square feet of air rights that represents.

The property

The property in Upper West Side has 7,080 square feet of built space and 135,006 square feet of additional air rights for a total buildable of 141,992 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 106 feet and is 175 feet deep with a total lot size of 18,882 square feet. The zoning is R9 which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 million.

Violations and lawsuits

According to city public data, the property has received $1,780 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has near average sales volume among other neighborhoods with $947.2 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Upper West Side has near average amount of major developments among other neighborhoods and is the 22nd highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 250,062 square feet of the 303,367 square feet. The largest owner is Fortune Society, followed by Nathan Benelyahou and then Othon Mourkakos. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 758 Amsterdam Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, two were sales above $5 million totaling $49 million. The most recent of the two was Breuer Herskowitz registered which bought the 10,570-square-foot, 12-unit rental (C7) on 734 Amsterdam Avenue for $6.2 million from Bruce Haley on December 3, 2024. One of those three items was a loan which Nathan Benelyahou borrowed $30.2 million from Bank of America secured by the 57,300-square-foot, 34-unit rental (D3) on 226 West 97th Street and one other property on June 25, 2024.

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