NEW YORK
Real Estate Weekly
[Via New York archdiocese:
Parish List 1 – Masses and Sacraments celebrated at both churches
Parish List 2 – Masses and Sacraments to be celebrated at the designated parish church; the other church may be used on special occasions.]
By Dan Orlando
The announcement that 112 parishes within the realm of the Archdiocese of New York will merge means that over 30 physical churches in the area will soon stand vacant.
On Sunday, Cardinal Timothy Dolan announced that 112 parishes will condense to form 55 by August 1, 2015.
As the move is in large-part a cost-saving measure, it is expected that the empty properties will be sold.
“Most of the time, property that is occupied by a church has a tremendous amount of unused FAR associated with it,” said Bob Knakal, noting that Floor Area Ratio means the potential to develop more dense properties in their place.
“Usually, they’re good development sites, provided the church is not landmarked.”
The unique architecture and multitude of available space can potentially earn a hefty asking price for a church that hits the market. But will the flood of available property dilute the structures’ worth?
Knakal does not foresee the supply outweighing the demand.
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