A Bronx rental apartment can be hard to come by, and many residential developers understand just how badly needed apartments really are in the Bronx. Developers are scooping up property in the Bronx and surrounding communities in order to create new apartment buildings, and rent out the units for a pretty penny. Take, for example, Elmo Realty and Empire Development Fund. The head of the firm, Moujan Vahdat, plans on spending just over $10 million to purchase an old Harlem church and use the property to create a residential building.
Vahdat plans on using the Metropolitan African Methodist Episcopal Church located on 135th Street to create a building for apartments with a total of 30,000 square feet in rental space. The ground floor, along with the cellar of the church building, will become a new church space, 11,000 square feet in size. The remaining portion of the building will be used for rentals or condos. The pastor of the church will actually have his home onsite, with the first floor being dedicated to pastoral living quarters.
This new Bronx NY apartment option will be a great place for people to live and have access to a church onsite. The building was first created in 1915 as a theater, and has needed several repairs over the years. The church was having trouble maintaining the building, so they have decided to make the deal with Vahdat in order to have a new space for the church as well as pay off their mortgage.
According to the deal, Vahdat will be paying off the $400,000 that the church owes on their mortgage and pay $4,000 per month to the church for a period of 20 years once the construction of the new building is complete. Up to $5,000 each month will also be paid by the billionaire businessman to assist the church with a temporary home while the construction is ongoing.