Church of the Epiphany at 1393 York Ave. in Manhattan's Upper East Side
NEW YORK CITY—Weill Cornell Medical College acquired property at 1393 York Ave. for $68 million from the Church of the Epiphany on the Upper East Side between 74th and 75th streets. This enabled the church to simultaneously purchase property of Jan Hus Presbyterian Church at 351 E. 74th St. for $22.5 million. Epiphany parishioners won't have to walk too far to attend services at the new location. That property is just one block away between First and Second avenues.
The development site at 1393 York Ave. has a zoning floor area of 112,420 square feet. Weill Cornell plans to build medical student housing on the property. The Jan Hus church property is 24,409 square feet.
Avison Young's tri-state investment sales group represented both of the churches. The brokerage negotiated the transactions, which they say will allow the organizations to fund their endowments and expand their ministries. The Church of the Epiphany will remain at 1393 York Ave. as a tenant for two years while it renovates its new space at 351 E. 74th St and Weill Cornell seeks approval for its planned development.
James Nelson, Jon Epstein, Charles Kingsley, Neil Helman and Toku Saito handled the sales for the churches. Susan Kahaner and Jennifer Ogden are representing Jan Hus Presbyterian Church in its search for new property. Savills Studley's Ira Schuman served as an advisor to Weill Cornell.
Nelson describes the transactions as synergistic. “The three nonprofits are benefiting from their mutual desire to remain in the same community that they have been serving for many years on the Upper East Side,” he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
