Tannenbaum Helpern is proud to have represented Second Canaan Baptist Church in the closing of a joint venture transaction with residential developer Level One Holdings. As part of the transaction, the existing home of the church at 10 Lenox Avenue, a fixture in Harlem for over one hundred years, will be demolished, and the joint venture will undertake the construction of an eight-story residential tower, including a new state-of-the-art home for Second Canaan Baptist Church on the lower level, ground level and the second floor. In addition, Second Canaan Baptist Church will retain a joint venture interest in the development of residential condominium units to be constructed on the floors above the church. The transaction closed on April 5, 2017.
Over the course of the past fifteen months, members of the Tannenbaum Helpern real estate team applied their extensive experience in representing real estate developers and investors in purchase and sale, development and joint venture transactions, in structuring, negotiating and counseling the Church in this sophisticated deal. The transaction presented the challenge of meeting the Church’s goals of both realizing on the equity value of its unused air rights and constructing and financing a new house of worship for the Church’s congregation for decades to come. Leading the transaction were Eric Schoenfeld, partner and co-chair of Tannenbaum Helpern’s real estate group, and Ari Davis, an associate in the group.
“It was important to us to continue serving our community and have the financial resources to do so in an effective way that benefits our parishioners and the community as whole,” said Rev. Wesley Wilson, Jr., pastor of Second Canaan Baptist Church. “We are very appreciative of the counsel we received from Tannenbaum Helpern throughout this adventure. Our attorneys were insightful and adept in addressing the numerous issues presented by this transaction and their understanding of the real estate industry was invaluable.”
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