Extell Development Company is one of the largest developers in the New York City area, having been involved in many deals and developments since being founded in 1989.
Up next, it appears that the company is in position to move forward with its plan for a 16-story condominium development. While the development has yet to receive final approval from the Landmarks Preservation Commission, the company seems confident that its project, which will be located next to the current Park Avenue Christian Church, will move forward.
According to multiple sources, the deal is going to cost Extell $24.7 million. The church has sold its air rights, parish house and rectory to the development, despite the controversy surrounding the move.
Court documents note that the money will be used by the church to construct a new church annex and preschool.
If the agreement works out as planned, it will result in condo space equaling roughly $640 per square foot. This would make the development rights deal one of the priciest ever between a church and a developer.
Discussions regarding the new development have already brought many opinions to the forefront, with some people happy about the decision and others doing whatever they can to stop it from happening.
New condominiums are always being constructed in and around New York City, but this does not mean that everything is simple from start to finish. In fact, there are almost always hiccups along the way. This is why developers of all sizes have a legal team on their side to provide feedback, advice and professional guidance.
Source: Curbed, "Extell to Pay Park Ave. Church $25M to Build Contested Tower" Jessica Dailey, Oct. 23, 2014