GPG Properties Sells Manhattan Multifamily for $30M
Redeemer Presbyterian Church purchased the 45,094-buildable-square-foot, UES asset, with plans to redevelop the space.
NEW YORK – Redeemer Presbyterian Church has purchased a 45,094-buildable-square-foot multifamily asset in Manhattan, that will be converted into a community facility space.
The church acquired the property for $29.5 million, representing $654 per buildable square foot, from the seller, an affiliate of GPG Properties.
The existing 25-unit multifamily property, located at 150 E. 91st St., is currently 21,342 square feet. Built in 1901, the asset has been consistently owned by the GPG Properties affiliate since the 1960’s.
“Our family has been part of the Upper East Side community since the 1930’s,” says Jason Glick, Managing Principal of GPG. “We are thrilled that the sale of this property will yield an opportunity for Redeemer to create a permanent Upper East Side presence and continue to serve the community.”
Cushman & Wakefield’s team of Hunter Moss and Brad Jones represented the seller and arranged the sale.
“We’ve seen owners be more inclined to sell to users, as users will often provide the seller with a greater certainty of close,” says Moss. “Since 2016, user purchases city wide have been on the rise at about 1.75% a year, with user-purchased buildings accounting for 6.2% of gross dollar volume in 2016 and climbing to 11.5% in 2019.”
“Redeemer looks forward to having not only a local presence on the Upper East Side that will allow us to better serve our congregants but also a community and cultural space that contributes to the flourishing of our neighbors,” states Rev. Dr. Abe Cho, senior pastor of Redeemer Presbyterian Church East Side.
