JLL has been retained on an exclusive basis to arrange for the sale of the leasehold interest in 210 West 145th Street, a development site owned by The Gospel Spreading Church on West 145th Street between Frederick Douglass and Adam Clayton Powell Jr. Boulevards. The approved plans allow for the construction of a 68,475 mixed use building comprised of 72 apartments, 5,983 square feet of retail, 3,660 square feet of community facility space and an additional 1,071 square feet of parking.
210 West 145th Street is prime for development and shovel ready as all necessary approvals and permits are in place. The readiness of the site creates an ideal scenario for any developer looking to get into ground well ahead of the expiration of the current Affordable NY program.
As part of the arrangement with The Gospel Spreading Church, the community facility space (3,660 sf) and 2 apartments will be allocated tor the church upon completion for their sole use and benefit. The developer will retain control and possession of the balance of the property for a term of 65 years. Upon issuance of a TCO, the developers and its successors will be responsible to pay the church a flat development fee of $150,000 p.a. through the end of the term, at which point, all improvements will revert to the Church.