Extell's plans for a 16-story granite and limestone condo tower next to the Park Avenue Christian Church have yet to pass muster with the Landmarks Preservation Commission, but the groundwork has already been laid for the controversial development. The church sold its rectory, parish house, and air rights to the development, in an agreement that says the church will receive about $24.7M from Extell.
According to the Journal, which sourced the numbers from court documents, the sum includes a more than $2 million endowment for a new preschool and a new $8.75 million church annex. The agreement works out to about $640 per square foot of condo space that Extell will build, making it one of the priciest deals by a church selling its development rights (and there are a lot of them).
· Park Avenue Christian Church Due Millions [WSJ]
· Opponents Lambast Plan To Replace Parts of Park Ave. Church [Curbed]
· All Park Avenue Christian Church coverage [Curbed]