Tuesday, February 16, 2016

REVIVE: CHURCH AUCTION SET FOR NEXT WEEK

The controversial, homophobic church at the corner of 123rd Street on Lenox is up for auction next week and some might wonder how much it would cost to buy the large, landmark building.  To put things into perspective, one has to review how a basic townhouse auction usually turns out when they happen uptown.  A low price around $500K might be the starting point but property values in Manhattan are no longer a myth.  Cash buyers always show up and the deal usually closes at $1.2 million or so.

Now let's talk about the aforementioned church in the Mount Morris Park Historic District.  This building is probably equal to at least 3 to 4 large townhouses so one can only imagine what type of cash it will eventually go for.  Back in 2011, notable artist Ugo Rondinone purchased a foreclosed house of worship just a bit further north on Fifth Avenue for $2.7 million in a cash transaction.  Therefore we would suggest to have at least $3 million upfront to even be considered a viable bidder on February 24th.

The other main concern here is that the government should establish a clause that the building has to be renovated and put to use in a short amount of time to deter the land grabbers.  These types of opportunists do nothing for years with purchased property and just resell eventually without investing an extra dime into the community.  Whoever ends up owning the building will probably have to have another million and change on hand for the renovations so this is not a simple sale for an average deal seeker.

9 comments:

  1. It is a stunning irony that the fate of this church, which has condemned and vilified the developers in Harlem (and, in the process, just about every other ethnic, religious, gender and business group in Harlem), will be in the hands of these same developers. It's a good chance for the developers to prove they can improve on the contribution of this ersatz sect that has only spewed poison into Harlem's most beautiful neighborhood.

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  2. does anyone really think that this auction is really going to occur?

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    1. Yasss! The lord works in mysterious ways.

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  3. The fact that these hateful messages will go away soon is the best message I have heard about our neighborhood in months. Thank you God (the one that loves everyone equally).

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  4. Best possible outcome: The LGBT community would chip in to form a nonprofit and buy this and turn it into a really great home for LGBT kids who aren't accepted by their families.

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  5. The great structure was once the Harlem Social Club. Perhaps I am optimistic but it would be f great use as community center for the elderly and for after school programming for school-age children. Or even a non-for-profit or a school? We can only hope!

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    1. It should be an LGBT community center

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  6. Given its location, seems like the price may be north of $3 million. It'll probably wind-up being a luxury residential project.

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  7. update everyone. The Church got a postponement on the auction.

    Not sure the new date.

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