Rockefeller JV to Develop Manhattan Community
Twenty-five percent of the units will be designated as affordable.
A joint venture between Rockefeller Group and Atlas Capital Group will develop a mixed-income community on Manhattan’s Upper West Side.
The partnership entered into a $96 million agreement with the Roman Catholic Church of Holy Name of Jesus and Saint Gregory the Great to acquire the site at 200 W. 97th St. The deal is set to close this spring.
The residential project will utilize the 485-x incentive program, which replaced the former 421-a program in 2024. Therefore, the community will have 25 percent of the units designated as affordable.
The development will rise on the underutilized portions of the church campus, replacing a former school, convent and recreation buildings, while the church continues its ministry. The community will be less than 5 miles northeast of the Empire State Building.
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Additionally, the parish will gain about 9,500 square feet of new, purpose-built space for religious education, community gatherings and social outreach. The community will also feature retail space on the southwest corner of West 97th Street and Amsterdam Avenue.
Just last week, Rockefeller Group joined forces with Crescent Communities for the development of NOVEL Arlington, a 530-unit community in Arlington, Va. Set to come online in 2028, the property will rise eight stories.
YIGBY’s affordable housing aid
Faith-based institutions are playing an increasingly important role in expanding affordable housing, fueled by the YIGBY movement and new legislation that allows projects on underused land to move faster. Successful partnerships depend on clear zoning and valuation, aligned development teams, access to public-private financing and early community support, helping convert surplus property into much-needed housing.
Another such example is Timber Equities’ project at 341 W. 25th St. the company will construct two 14-story buildings totaling 147 units on a former church site in Chelsea.
In San Diego, Trestle Build is working on a 78-unit, low-income community, which broke ground last March. The eight-story building rises on the site of a church that’s part of the Episcopal Diocese of San Diego. The developer paid the institution $2.2 million for a 99-year ground lease to develop and operate the residences.
