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NEW YORK | 40 East 35th Street | 191 FT | 18 FLOORS

https://therealdeal.com/2021/12/01/eichn...church-for-70m-eyeing-condo-project/amp/

Eichner to buy cash-strapped Midtown church for $70M, eyeing condo project

https://therealdeal-com.cdn.ampproject.o...for-70M-eyeing-condo-project-705x439.jpg

BY RICH BOCKMANN
DEC 1, 2021

Quote:

Sure, Jesus performed miracles. But even he may have been impressed by this real estate deal.

The cash-strapped Community Church of New York is in contract to sell its Murray Hill home to Bruce Eichner for $70 million, The Real Deal has learned. The developer plans to build a roughly 185,000-square-foot condo building on the East 35th Street site, which the church has occupied since 1949.

The sale is a salvation for the nearly 200-year-old church, which was facing bankruptcy. Getting to this point required a leap of faith: Part of the church’s development site includes a townhouse occupied by rent-stabilized tenants and a men’s homeless shelter.

In order to clear the building and make the development possible, the church — already low on funds — shelled out $6 million to buy another townhouse nearby, where it was able to relocate the renters and the shelter.

“We’ve had some of these tenants for more than 50 years, and the next right thing for them was to be relocated to a place they really wanted to be in,” said Rev. Peggy Clarke, the church’s senior minister. “The whole thing was very risky, but to be honest, religious life right now is risky.”

Quote:

Savills broker Geoffrey Newman, who arranged the sale, said he started working with the church in 2019. The portfolio, which includes the sanctuary at 40 East 35th Street and four adjacent townhomes, needed more than $20 million worth of repairs as real estate taxes ate away at the church’s endowment.

“They were land rich and cash poor,” Newman said. “I think this is a trend now with religious institutions. You have this combination of declining membership and participation in in-person religious facilities, which was exacerbated by Covid.”

The deal with Eichner’s Continuum Company is structured as a $69.5 million ground lease that will convert to a sale in the future. The church is now looking to purchase a site for a new home in the same neighborhood.

Eichner told TRD that he plans to build somewhere between 130 and 150 condo units, which will come to market in 2025 or 2026.

Good news. The current church structure is ugly, and this site is perfect for a soaring residential tower.

Hopefully with air rights this can be one of the tallest buildings in the general area. Eichner built a nearly 800-ft. condo tower on 22nd street not too long ago.

Not to sound like Dr. Pangloss, but in the best of all possible world's the disgusting, mid-block, Mt. Sinai building on 34th (and the execrable tenements next to it) would come down too.

https://i4.ypcdn.com/blob/5cad2df15b58d086619cdbaf215988c92c1d7609

Yeah, that 34th Street structure is hideous. And it appears to adjoin the church lots, so hopefully this is the start of an even larger assemblage.

Quote:

Originally Posted by Crawford (Post 9465481)

Yeah, that 34th Street structure is hideous. And it appears to adjoin the church lots, so hopefully this is the start of an even larger assemblage.

:cheers::cheers::cheers:

I don't think anyone would mind a larger site, perhaps something like this?

https://i.imgur.com/wYArEWQ.png

I have despised that Mt. Sinai building and the junky tenements next to it for years. They’re the only really disgusting pieces of trash on that stretch of 34th.

The lot in the image pretty much reminds me of Tower Fifth’s…

As per ACRIS, Beth Israel bought 55 E 34th in 1986. It would be nice if they sold this vile PoS to Eichner and he included a new facility that they could use at the base.

https://i4.ypcdn.com/blob/5cad2df15b58d086619cdbaf215988c92c1d7609

So if the lot is large in size, then that means that there will be a supertall skyscraper?

Quote:

Originally Posted by Raysiri (Post 9467275)

So if the lot is large in size, then that means that there will be a supertall skyscraper?

Right now, it’s a small lot on 35th. Sadly, I doubt that the hospital will sell its disgusting building on 34th. I just was being like MLK (ie, having a dream).

I suspect that this tower will range anywhere from 550' to 850' tall.

Quote:

Originally Posted by Raysiri (Post 9467275)

So if the lot is large in size, then that means that there will be a supertall skyscraper?

No.

It looks like Bruce is finally proceeding, and the project will be very modest.

https://www.newyorkyimby.com/2024/06/per...5th-street-in-murray-hill-manhattan.html

Continuum Company’s Murray Hill condo rises at 38 East 35th Street; 137 new units near Morgan Library & Museum

https://thumbs.cityrealty.com/assets/sma...04924c8fff363e14f028ec/cm-associates.jpg

https://thumbs.cityrealty.com/assets/smart/848x/webp/e/ed/edb990076199e0b495db146ebe731259e57e1cff

https://thumbs.cityrealty.com/assets/smart/736x/webp/6/68/6870f40544f053596073e6aedd1d3ed6a67ad20d

Quote:

Bruce Eichner’s Continuum Company is building an 18-story condominium high-rise at 26-40 East 35th Street in Murray Hill. The 180,000 square foot project will bring 137 new condos, a community space, and on-site parking to a mid-block site between Park and Madison Avenues, just a block south of the Morgan Library & Museum, and in the shadow of the Empire State Building.

The development replaces several historically significant buildings, including the former home of the Metropolitan Synagogue and the Community Church of New York, one of the city’s oldest congregations, dating back to 1825. The body has long served as a hub for civil rights and progressive causes, and its legacy includes hosting folk singer Pete Seeger (“This Land Was Made for You and Me”), Nelson Mandela, and a legendary debate between Malcolm X and Bayard Rustin. After 9/11, the church became a sanctuary for grieving New Yorkers and since then, has been active in social justice efforts both locally and abroad.

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City Realty

Beautiful facade details. Well done!