Union Theological Seminary pays $23.5M to Lendlease for 27 unsold condos in Morningside Heights

Union Theological Seminary paid $23.5 million to Lendlease through the entity Broadway Community Owner LLC for 27 unsold condominium units at 100 Claremont Avenue in Morningside Heights, Manhattan. 100 Claremont is a 194-unit condo building with one commercial condo unit which was not part of this sale.
The deal closed on September 15, 2023 and was recorded on September 25, 2023.
The signatory for Lendlease was Caaminee Pandit Vecchio. The signatory for Union Theological Seminary was L. Serene Jones.
The contract date was October 23, 2017. L. Serene Jones is the president of Union Theological Seminary.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Union Theological Seminary had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lendlease had not purchased any other properties and had not sold any properties over the same time period.

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 not received any significant violations in the last year.

The block

On the tax block of 100 Claremont Avenue, PincusCo has identified the owners of one of the two commercial properties representing 16,920 square feet of the 176,878 square feet. The identified owner is L+M Development Partners.
On the tax block, there was one new building construction project filed totaling 281,801 square feet. It is a 281,801 square-foot residential (R-2) building submitted by Lendlease and filed by Melissa Burch with plans filed December 27, 2018 and permitted August 4, 2020.

All properties are specialty.

The seller

The PincusCo database currently indicates that Lendlease owned at least three commercial properties in New York City with 1,648,708 square feet and a city-determined market value of $265.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 1,648,708 square feet of built space are specialty properties, with development properties next occupying 6 percent of the space. They are all located in Brooklyn.

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