Invictus Property Advisors is pleased to announce the successful sale of approximately 12,911 square feet of transferable development rights on behalf of the Congregational Church of God, located at 1889-1891 Amsterdam Avenue in Washington Heights. The transaction enabled the church to unlock the value of a significant real estate asset while preserving its long-term mission and presence within the community.
Our engagement began with an extensive analysis of the property's development rights and the surrounding land market. Drawing upon more than a decade of proprietary research and transaction data tracking development site and air rights sales throughout Northern Manhattan, our team provided church leadership with a detailed valuation framework to help determine an appropriate pricing strategy.
Beyond establishing value, Invictus advised the church on a number of complex development and zoning considerations associated with the transfer, including potential cantilever rights, balcony encroachments, and the allocation and transfer of dwelling units. These discussions ensured that the congregation fully understood both the economic and long-term development implications of the transaction before proceeding.
Over the course of several meetings with church leadership, senior decision makers, and members of the congregation, our team worked closely with all stakeholders to answer questions, evaluate alternatives, and build consensus around the proposed sale.
The transaction ultimately resulted in the successful transfer of approximately 12,911 square feet of development rights, creating meaningful value for the church while allowing the neighboring development to proceed. The agreement also addressed important protections for the church's property, including restrictions related to cantilevering and encroachments above the church site.
"Transactions involving faith-based organizations require far more than simply identifying a buyer and negotiating a price," said Andrew Levine, Principal of Invictus Property Advisors. "They require education, transparency, patience, and a deep understanding of zoning, development rights, and community priorities. We were honored to guide the Congregational Church of God through this process and help them realize the value of an often-overlooked asset."
Invictus Property Advisors specializes in the valuation and disposition of development sites, air rights, and other complex real estate assets throughout New York City. The firm's experience includes advising property owners, religious institutions, and nonprofit organizations on strategies to maximize the value of their real estate holdings while preserving their long-term objectives.
