Tim Keller’s Redeemer Presbyterian Church Buys $30M Building For Future Church Plant in All-Cash Deal
Redeemer Presbyterian Church, on the lookout for a new building in order to deal with growing pains, purchased a multifamily property at 150 East 91st Street. NY, for $29.5 million in an all-cash deal.
The church’s plan is to convert the existing structure into a church space that will include meeting rooms, a sanctuary, office, and “community and cultural spaces”. The church planners looked at 526 properties, narrowed to 120, pursued 22, and made offers on 5.
On the lookout for a property for a over 3 years, the RPC plans to convert the space into a 600 person sanctuary, with room for a 300 person fellowship hall and up to 17 classrooms.
On top of the $30 million paid for the building, there will be buildout costs of up to $10 million dollars, with plans to move in around 2023. Possible options also include having one of their ministries, City to City, occupy several floors, thus helping defer costs and streamlining efficiencies.
“Redeemer looks forward to having not only a local presence on the Upper East Side that will allow us to better serve our congregants but also a community and cultural space that contributes to the flourishing of our neighbors.”
Rev Dave Cho, senior pastor of Redeemer Presbyterian Church East Side, in a message to the Commerical Observer.
James Herring, an elder at Redeeming Presbyterian and Chairman of the Building Committee, announced the news to the congregation on August 16th, explaining:
With over $45 million dollars in contributions to this project from Rise, by partnering with City to City, and with some additional contribution from you the congregation, we continue to feel we’re in a strong position to move forward in spite of the challenge of the COVID crisis.
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