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St. Patrick's Old Cathedral

Location: Manhattan, New York
Client: Archdiocese of New York
Services: Project Feasibility, Land Use and Planning, Public Approvals, Proposals & Transactions

Washington Square Partners was hired by the Archdiocese to serve as a development adviser to recommend a real estate strategy to satisfy St. Patrick's Old Cathedral mission and financial needs. St. Patrick's Old Cathedral retained WSP to evaluate the potential reuse or redevelopment options for two of its buildings located in Nolita. The Basilica of St. Patrick's Old Cathedral requires restoration that will cost significant capital. The funding for the improvements to the core building must come from the parishes other real estate. In addition, St. Patrick's Old Cathedral has mission-driven programmatic needs that must continue to be satisfied at these properties. One of the buildings is a designated landmark and the other is located on landmarked property. WSP evaluated the net revenue that can be generated should an end user desire the space and renovate the interior.

The redevelopment potential within the current building envelope as well as options that use a portion of the existing air rights were also evaluated, and a market study that evaluated appropriate uses that can integrate with the ongoing programmatic needs under a reuse or redevelopment scenario was developed. WSP worked with a construction management firm to evaluate the costs for the various development options and evaluating those costs against the income potential for lease and sale scenarios. Based upon the results of the initial study, the Archdiocese and Trustees of St. Patrick's Old Cathedral established a preferred approach to market the properties. WSP then marketed one of the properties to developers through an RFP process and will negotiate the transaction.

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