The Archdiocese of New York has agreed to sell the Roman Catholic Church of Holy Name of Jesus and Saint Gregory the Great, located at 200 West 97th Street on Manhattan’s Upper West Side. According to a report from Commercial Observer, the property will be sold for $96 million to developers Rockefeller Group and Atlas Capital Group. The transaction is expected to close in the spring, pending court approval.
The buyers intend to preserve both the church and rectory buildings but plan to convert other parts of the site into housing. As part of their development plans, they will utilize the 485x tax abatement program, which requires that at least 25 percent of new residential units be designated as affordable housing. The exact number of units planned for construction has not been disclosed. In addition to residential space, the project is also set to include amenities for residents and retail space.
This sale is part of a broader effort by the Archdiocese to reduce its real estate holdings. Cardinal Timothy Dolan previously informed parishioners that ongoing property sales are intended in part to fund settlements for victims of clergy abuse.
Last December, the Archdiocese reached an agreement to sell the ground lease under Lotte New York Palace hotel for $490 million. In July, it sold its longtime headquarters at 1011 First Avenue for $103 million; Vanbarton Group acquired that property with plans to convert it from office use into residential space. A spokesperson for the Archdiocese said proceeds from such sales may contribute toward a global settlement as financial obligations continue.
Atlas Capital Group has recently acquired another major residential building: a former multifamily rental known as “Red Square” at 250 East Houston Street was purchased from Dermot Company and Rockwood Capital for $112 million earlier this year. Meanwhile, Rockefeller Group expanded its portfolio in the Pacific Northwest with a recent purchase of a 187,000-square-foot warehouse.
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