Bentley Zhao is eyeing a property owned by a controversial church for a project he likely hopes will be less controversial.
New Empire is in contract to purchase the property at 4 West 43rd Street in Midtown Manhattan for $51 million, Crain’s reported. The deal is not yet finalized and requires approval from either a judge or the attorney general because the seller, the Family Federation for World Peace and Unification, is a religious nonprofit.
The deal for the seven-story, 73,000-square-foot office and events property breaks down to about $699 per square foot. The contract was disclosed in filings with the Manhattan state Supreme Court.
Zhao’s plans for the property are unclear and he did not respond to a request for comment from the publication. But his firm is known for its condo developments all over New York City, so a conversion seems likely.
A replacement for the property could span as much as 180,000 square feet for a residential building, contingent on achieving zoning bonuses likely tied to affordable housing.
The Unification Church, also called the Moonies in reference to its founder, tasked an Avison Young team with selling its one-time headquarters space two years ago. The building sits close to Bryant Park, not an area known for its residential high-rises, but pitched as a conversion candidate anyways.
The building was constructed in the late 1890s and sold to Columbia University to use as the Columbia University Club. In 1975, the Unification Church bought the property for $1.8 million.
The church is often embroiled in controversy, particularly over claims that members often turn over what amounts to their life’s savings to the organization. Last month, a Japanese court revoked the church’s tax-exempt status and moved to dissolve its holdings, which the church plans to appeal.
Two months ago, Zhao filed demolition permits for four buildings in Kips Bay to make way for a 14-story condo project with approximately 130 units and ground-floor retail.
The filings came after the firm’s $37.9 million acquisition of the assemblage, which holds 60 occupied market-rate rental apartments and retail space.
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New Empire eyeing 130-unit Kips Bay condo plan
Unification Church pitches Bryant Park offices as resi conversion
Development
Washington D.C.
Historic DC church appears poised for redevelopment
