From Convent and School to 198 Rentals: A $37.5 Million Loan for Homes on Manhattan’s St Columba Church Site

• Timber Equities secured a $37.5 million loan for housing on the former St Columba church campus in Chelsea
• The developer bought the site from the Archdiocese of New York in January 2025 for $48 million
• The project will have 198 rental units, 40 of them permanently rent-stabilised and affordable
• The campus formerly held a convent, rectory and school

A former Catholic campus in Manhattan is on its way to becoming rental housing. Commercial Observer reported on 29 July 2025 that Timber Equities had closed a $37.5 million loan from Genesis Credit to build on the site of the Roman Catholic Church of Saint Columba at 331-341 West 25th Street in Chelsea, between Eighth and Ninth Avenues.

Timber Equities bought the property from the Archdiocese of New York in January 2025 for $48 million. The site formerly contained a convent, a rectory and a school. The plan is for 198 rental units with one, two and three bedrooms, of which 40 will be permanently rent-stabilised and affordable. The building is to be all-electric.

Simon Goldstein of Buckingham Advisors, which arranged the financing, said: “This is an exceptional rental site at an attractive basis. It provides a true, meaningful solution to the lack of housing in the city — delivering much-needed housing in one of the most exciting, vibrant neighborhoods in Manhattan.”

For a developer, a former church campus offers a rare large parcel in a dense neighbourhood, and for the church, prime Manhattan land commands a high price.

The deal also shows how affordability is often built into such projects: a share of units, here 40 out of 198, set aside at regulated rents, while the rest are let at market rates to make the finance work.

Jamaican churches with valuable urban property, particularly in New Kingston, Half Way Tree and Montego Bay, face similar choices as congregations shrink or relocate. The St Columba sale shows the value such land can command. If Jamaican denominations sell, they could negotiate for a share of affordable units, or lease rather than sell, so that the community still benefits. Diaspora members who worshipped in these churches will want to know that the proceeds are used well.

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