UWS Collegiate Church Sold to Condo Developers for $158M
Daishin Securities Co. Ltd and Alchemy Properties plan to start construction in approximately six months.
NEW YORK CITY—Collegiate Church has sold two buildings, located at 260-262 W. 78th St. and the adjoining 378 West End Ave., to a joint venture of Daishin Securities Co. Ltd. and Alchemy Properties Inc. for $158 million.
The developers are building a new residential condominium, partly demolishing and partly preserving the existing structure. Construction is scheduled to begin in six months. The new project is expected to include approximately 20,000 square feet of amenities.
Jeffrey M. Schwartz, Kelly Kulak and Jessica Furgiuele from Schwartz Sladkus Reich Greenberg Atlas LLP provided legal representation for the buyers. The law firm also represented the buyers in obtaining $230 million in acquisition and construction financing from Bank OZK. Alchemy’s partner, Daishin Securities, was represented by Paul Shapses, Alexander Walker and Thomas Margiano from Pillsbury Winthrop Shaw Pittman LLP. The law firm of Ledyard & Milburn represented the sellers, Collegiate Asset Management Corp. and the ministers, elders and deacons of the Reformed Protestant Dutch Church of the City of New York. There was no broker representation in the transaction.
Schwartz Sladkus recently absorbed the matrimonial, divorce and family law firm, Mayerson Abramowitz & Kahn LLP, with a merger effective Jan. 1, 2019. The combined firm will continue to practice under the name Schwartz Sladkus Reich Greenberg Atlas LLP. They will expand their offices from 21,000 to 33,000 square feet of newly constructed space at 444 Madison Ave. occupying the larger area in February 2019.