NGKF Capital Markets represented Madison Avenue Baptist Church in the sale of 30 E. 31st Street. Certes Partners paid approximately $16 million for the property, which had been the church’s parish house.
The deal was negotiated a year ago, but required a delayed closing for the seller to make necessary changes to the church sanctuary. The building is on a 4,500-square-foot site behind the Roger Williams Hotel, on the corner of 31st Street and Madison Avenue in the NoMad neighborhood. Zoning allows for as much as 45,000 square feet of residential construction as-of-right. Additional air rights can be added through inclusionary housing bonuses.
“The transaction-which involved a specialized valuation, carefully timed capital improvements, tenant negotiations and multi-level government approvals prior to closing-highlights the diverse expertise NGKF Capital Markets brings to the table on its clients’ behalf,” according to Managing Director Lawrence “Chip” Porter, who marketed the site with Managing Director David Colen, Director Bill Lee, and NGKF Vice President Bart McDade.
“Our client faced exorbitant upkeep on an aging building that was beyond repair or renovation. The church also faced a herculean task in separating the property from the church sanctuary in an adjacent building,” Mr. Colen said. “We facilitated the moving pieces and are pleased with the purchase price, while securing the funds for the church to renovate and improve their sanctuary space, as well as fund ongoing initiatives of the Madison Avenue Baptist Church for many years to come.”
The parish house had housed the church’s heating system, restrooms, office and utility connections, so the parties agreed to delay closing the sale while the church renovated its sanctuary and moved those essential elements out of the parish house.
NGKF’s Landauer Valuation & Advisory provided valuation expertise in the transaction.
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